Andean Group - July 2024

VENEZUELA | Rising oil production. The Organization of the Petroleum Exporting Countries (Opec) released its latest monthly oil market report on 10 July, in which Venezuela claimed to have produced 922,000 barrels per day (bpd) of crude in June – up from 910,000 bpd in May. Opec’s own estimate, based on secondary sources, put Venezuela’s oil production in June at 851,000 bpd, up from 830,000 bpd in May.

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