Venezuela’s oil extraction is getting back on its feet

Venezuela’s oil exports doubled in December vis-a-vis the same period last year, after rising for the third consecutive month in a challenge to US sanctions.

Shipments totaled an average of 619,000 barrels/day in December, with the support of its ally Iran, which has increased the supply to Venezuela of key inputs.

Oil production hit the 1 million barrel mark in one day in December, according to the state-owned Petroleos de Venezuela (PdVSA). On average, production totaled 625,000 barrels/day in November. But there are still questions about whether the growth in shipments is sustainable, as China, Venezuela’s biggest oil buyer, continues to restrict its energy sector.

Source: Valor Econômico

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https://valor.globo.com/mundo/noticia/2022/01/04/exportacao-de-petroleo-da-venezuela-volta-a-crescer.ghtml

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