CARACAS- It was announced that oil production in Venezuela, which is shown among the alternatives in global energy supply after Russia’s invasion of Ukraine, decreased by 60 thousand barrels compared to February and reached 728 thousand barrels per day.
Venezuelan Petroleum Ministry announced that daily oil production was 788 thousand barrels per day on average last month, and 755,000 barrels per day in January. Experts state that 600 thousand barrels of oil produced are exported.
According to the sources of the Organization of Petroleum Exporting Countries (OPEC), oil production decreased by 7.6 percent compared to the previous month and became 697 thousand barrels per day.
According to the research of the financial services company EMFI Group, Venezuela will generate approximately $20 billion in revenue from oil exports in 2022.
In the report, which reported that Venezuela’s oil production recorded a positive development last year, it is noted that there was an increase of 33 percent in the first quarter of this year compared to last year, and that the increase in oil prices will increase export revenues.
Even though Venezuela has more than 300 billion barrels of underground oil, which can meet Turkey’s need for nearly a thousand years, the economic, social and political problems in the country negatively affect the oil production in the country.
Oil production, which was over 3 million barrels per day in 2013, was below 700 thousand barrels last year, according to Venezuelan Petroleum Chamber data.
Venezuelan President Nicolas Maduro claimed in the past weeks that his country can meet some of the deficit in the global energy market, and that they have the potential to produce 2 million barrels of oil a day at the end of the year if the necessary investments are made, but experts state that this amount is between 1.2 and 1.5 million barrels. .