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EIA: Venezuelan crude oil production will increase

 Last Update: 2022-12-29
 Source: Internet
 Author: User

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On December 6, the U.
S.
Energy Information Administration (EIA) said in its short-term energy outlook report that it expects Venezuela to increase production from the first quarter of 2023 due to the U.
S.
approval of Chevron's project in Venezuela last month to increase production and business expansion
.

The EIA said Chevron's ability to increase production will depend on the state of the production equipment, which has not yet been
evaluated.

Earlier, Venezuela reported to the Organization of the Petroleum Exporting Countries that the country produced 717,000 b/d of crude oil in October, up 51,000 b/d
from September.
But its average daily output in January ~ October is well below the official target and OPEC's quota of 2 million b/d
.

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