Venezuela’s Oil Production Bounces Back
Guayaquil, Ecuador – Venezuela’s crude output increased in May, recovering from the previous month’s fall.
The latest Organization of Petroleum Exporting Countries (OPEC) monthly report placed the Caribbean country’s May production at 531,000 oil barrels per day (bpd), a rebound from April’s 486,000 bpd, according to secondary sources. In contrast, state oil company PDVSA communicated a higher number of 582,000 bpd.
The May figures are the highest in 12 months and put the nation back in the steady growth trend it has been experiencing since the beginning of the year after reaching historic lows in the second half of 2020.