LatinNews Daily - 17 July 2023

In brief: Venezuela’s oil production up in Q2 2023

* The Organization of the Petroleum Exporting Countries (OPEC) has released its latest monthly oil market report, in which Venezuela claimed to have produced 796,000 barrels of oil per day (bpd) in June, down from 819,000 bpd in May. According to OPEC’s own estimate, based on secondary sources, Venezuela’s oil production in June was 767,000 bpd, an increase from its May figures (743,000 bpd). Average production in Venezuela in the second quarter of 2023 (April-June) was reported by Venezuela as being 808,000 bpd, a 10.5% increase on the first quarter (731,000 bpd). According to OPEC’s estimate, Venezuela’s average production level for the second quarter was 746,000 bpd, a 7.2% increase on first quarter figures (696,000 bpd).

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