In recent weeks, Venezuela’s crude oil output has climbed, supported by strengthening exports, and has driven state-owned Petroleos de Venezuela SA (PDVSA) to restart some production.
The country’s crude production has inched up to roughly 380,000 bpd, compared to July’s estimated production of 360,000 bpd. The reading enabled PDVSA to restart some output in the Orinoco heavy oil belt.
In August, the belt produces 180,000 bpd of oil, while PDVSA’s eastern division produced roughly 130,000 bpd. Meanwhile, an opaque result of 70,000 bpd came from the western division centered on Lake Maracaibo.
Some of PDVSA’s joint ventures (JV) in the Orinoco belt managed to get some output. PetroPiar, a JV with Chevron, produced about 75,000 bpd, while PetroCarabobo, a JV with Repsol and India’s ONGC, flowed 3,500 bpd of output last month.
Meanwhile, PetroSinovensa, a JV with China’s state-run CNPC and PetroMonagas with a Russian state-owned partner did not produce any crude in August.
Higher exports from India’s major Reliance, Spain's Repsol, and Italy's Eni, through a mechanism involving debt and swaps for diesel, as permitted under an exception to US oil sanctions, buoyed the figures. The loading rush before the diesel sanction exception is cut off also attributed to the reading.
Despite the strengthening exports, PDVSA has yet to significantly ease a tanker deficit weighed by US sanctions.
