Venezuela’s state oil company Petróleos de Venezuela, S.A. (PDVSA) is expected to raise crude production to 1.37 million barrels per day (b/d) by December, according to S&P Global Commodities at Sea data and company guidance.
The analysis report published on June 9 shows Venezuela’s oil production saw a modest month-on-month increase in May, a trend that could continue throughout the year.
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PDVSA’s production trended upward, averaging 1.155 million b/d in May, up from 1.130 million b/d in April.
The report attributed the outlook to continued recovery in Venezuela’s upstream sector, with incremental gains in the Orinoco Belt, moving from 650,000 b/d in May, 20,000 b/d higher than in April.
“Venezuelan state oil company PDVSA expects to reach crude oil production of 1.37 million b/d by December, an increase of 430,000 b/d from the 940,000 b/d recorded in January,” the analysis said.
According to S&P Global, the United States and India continue to dominate Venezuela’s crude oil exports.
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“Venezuela shipped 35.3 million barrels of crude in May, marking a notable shift in its export destinations… Exports to the U.S. rose to 17.1 million barrels, the highest weekly volume in nearly eight years during mid-May, while Indian buyers took 13.5 million barrels as they diversified away from Middle Eastern barrels affected by Strait of Hormuz shipping constraints,” the report said.
