LatinNews Daily - 17 November 2022

In brief: Maduro downbeat on Venezuela’s oil exports

*Venezuela’s President Nicolás Maduro has forecast that oil sales will generate US$3.5bn in revenue for 2022, which he complained was just 10% of sales registered in previous years and which he blamed on US sanctions targeting the oil sector introduced in 2018. According to data from the Organization of the Petroleum Exporting Countries (OPEC), Venezuela’s oil exports totalled US$8.8bn in 2021. According to the latest monthly oil market report by OPEC, published on 14 November, Venezuela claimed to have produced 717,000 barrels per day (bpd) in October, up from 666,000bpd in September. OPEC’s other estimate, based on secondary sources, put Venezuela’s oil production in October at 679,000bpd, down from 669,000bpd based on secondary sources. A 2 November report by Reuters cites Refinitiv Eikon vessel tracking data and internal exports reports from Venezuela’s state oil company Pdvsa which show that in October, a total of 25 cargoes departed Venezuelan waters carrying an average 533,968bpd of crude and products. The same report notes that oil production and exports by Pdvsa and its joint ventures have fluctuated this year attributing this to outages, a lack of sustained investment and fewer partners willing to continue operating in Venezuela.

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