Daily Management Review

Venezuela to push oil production to over 1M bpd by the end of 2023


The nation's oil minister, Pedro Rafael Tellechea, claims that exports are also increasing and will make up around 60% of the total.

Beatrice Murch
Beatrice Murch
According to Venezuelan Oil Minister Pedro Rafael Tellechea, the country plans to raise oil output to over 1 million barrels per day (bpd) by the end of this year. Exports will also increase and account for around 60% of total production. He stated that the nation is also exporting oil to Europe.

"Over a million barrels will be produced. About 60% of the economy will be made up of exports, with the remaining 40% being domestic consumption," the minister stated. Venezuela's oil output grew by 23,000 bpd to 767,000 bpd in June, according to OPEC.

The minister noted that Venezuela is expanding its oil exports. Tellechea stated, "We are currently growing export volumes, shipping to Europe."

Venezuela, one of OPEC's original five members, leads the world in terms of proved oil reserves. The country's oil production, however, has dramatically decreased from 3.2 million bpd during the past ten years as a result of US and Western sanctions.  

source: reuters.com