(Energy Analytics Institute, Piero Stewart, 27.Dec.2016) – OPEC member nation Venezuela, which produced 2.097 million barrels per day (MMb/d) in November, according to the December 2016 Monthly Oil Market Report published by the Organization of Petroleum Exporting Countries (OPEC), which cited secondary sources, could see its crude oil production reach 2.002 MMb/d after it implements recently announced production cuts of 95,000 barrels per day by the organization.
Using OPEC direct communication data for Venezuela, the South American nation’s production could reach 2.179 MMb/d, down from 2.274 MMb/d in November.
Venezuela — reeling in political and economic crises and suffering from the world’s highest inflation — is preparing to reduce its oil production as part of a reduction agreement reached on November 30, 2016 in Vienna, Austria by OPEC and non-OPEC nations, reported PDVSA in an official statement.
Effective January 1, 2017, PDVSA and/or its affiliate companies will reduce production volumes in total conformity with the terms and conditions of existing contracts, the statement said.
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