Venezuela's oil production once again exceeds 1 million barrels a day

Published at: 12/03/2026 10:25 AM

The monthly report of the Organization of Petroleum Exporting Countries (OPEC) indicates that Venezuela's oil production increased just over 10% in February, after once again exceeding one million barrels per day (bpd)

This monthly average represents a quantitative jump of 10.5% compared to the January average, when extraction stood at 924,000 bpd, the report details.

With an increase of 97,000 barrels per day, 1,021,000 bpd was reached in February, suggesting a sustained recovery of operational capacity in the strategic areas of the Orinoco Belt and the West of the country.

The report highlights that Merey crude oil, Venezuela's heavyweight benchmark, not only increased in volume but also in market value. Its monthly average price climbed to $52.31 per barrel, a recovery of $9.10 compared to the January average.

Mazo News Team