Venezuela's oil production fell 142,000 barrels per day (bpd) in February to reach 1,008,000 bpd, according to the latest data from the Organization of the Petroleum Exporting Countries (OPEC).
At the end of January, the Donald Trump administration ordered that all US oil import payments from Venezuela be diverted to a "locked" escrow account to which the Nicolás Maduro regime has no access.
According to the consulting firm, there is "good news for the Maduro regime" and that, with the "continued losses of Venezuelan heavy oil in the market, the average price of crude increased. Merey crude rose by $ 4.95 (up 9.7%) in February to reach $ 55.85 per barrel.
However, Caracas Capital indicates, with the US market closed for Venezuela, PDVSA has had to look for alternative markets. "In February, most of the Venezuelan crude exports went to India, where Russia's Rosneft has a refinery. We have an average of 408,000 bpd to India, "say the consultants.
That Asian country was followed by exports to Singapore and China, where an average of 307,000 bpd was sent. In total, says the report, 65% of Venezuelan oil exports in February went to Asia.
According to Caracas Capital, the Maduro regime also presented its own statistics to OPEC. "General Manuel Quevedo, who has decimated oil production in his 15 months at the head of PDVSA and the Ministry of Petroleum, said that the production of the regime only fell 56,000 bpd to 1,432 million bpd, a figure that is 424,000 more than the official OPEC figure, "he says.
The consultants also report that since Maduro took office in Venezuela for the death of Hugo Chávez in 2015, Venezuelan oil production has fallen by 57%.