Venezuela's Oil Production Reaches 1.1 Million Barrels Per Day in March

Venezuela's Oil Production Growth#

Venezuela’s oil production has seen a significant boost, reaching 1.1 million barrels per day (bpd) in March. This information comes from the state oil company PDVSA and was shared by Acting President Delcy Rodriguez during a virtual conference in Miami.

Increase in Output#

This latest production figure includes not only crude oil but also condensate and gas liquids. The increase is notable, as it marks a rise of approximately 158,000 barrels per day compared to January, when production was recorded at 942,000 bpd.

Context of the Increase#

The growth in Venezuela's oil output is significant for the country, which has faced economic challenges and declining production levels in recent years. The increase from January to March indicates a positive trend in the oil sector, which is crucial for Venezuela's economy.