The ruling socialist regime in Venezuela documented an 18-percent increase in oil output in the first trimester of 2024 when compared to the same period in 2023, according to information published by the Organization of the Petroleum Exporting Countries (OPEC) in its latest April 2024 report.
The oil output windfall followed the implementation of a still-active broad oil and gas sanctions relief package by the administration of U.S. President Joe Biden in October that effectively restored the authoritarian regime’s main source of revenue.
According to OPEC information, Venezuela achieved an oil output of 874,000 barrels per day (bpd) during March – an amount that, while slightly below February’s 877,000 bpd, is higher than January’s 841,000 bdp output. The amounts registered by OPEC are,
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