OPEC highlights oil production recovery in Venezuela

Published at: 12/11/2024 08:02 PM

Venezuela, the country with the largest proven oil reserves, also registered an increase of 25.8% compared to October last year, when it produced 786,000 bpd.

The price of oil called Merey 16, the highest in the Venezuelan basket, recovered $3.39 in October, the highest exchange rate recorded among the Organization of Petroleum Exporting Countries (OPEC) crude oil.

In the past year, Venezuela expanded its international cooperation in the energy field, signing agreements with companies such as Spain's Repsol and France's Maurel & Prom, with which the oil country hopes to be part of efforts for the stability of the global hydrocarbon market.

On the other hand, OPEC lowered again this Tuesday, for the fourth consecutive time, its forecasts for the growth of global demand for crude oil in 2024 and 2025.

The moderate downward corrections, of 110,000 and 210,000 barrels per day of oil in this and next year, respectively, have been published in the monthly report, reports EFE

Since July, estimates of year-on-year growth in oil consumption in 2024 have been cut by 20%, from 2.25 to 1.82 million barrels per day (mbd), and by 17% those in 2025 (1.85 mbd to 1.54 mbd).

In this way, they now place this year's oil demand at 104.14 mbd, and that of 2025 at 105.78 mbd.

Mazo News Team