Monday, May 27, 2019
Home Business Oil production in Venezuela falls in February (OPEC)

Oil production in Venezuela falls in February (OPEC)

Crude production in Venezuela fell during February, according to figures published on Thursday by the Organization of Petroleum Exporting Countries (OPEC), He also asked the United States to contribute to the stability of the market.

The total production of the cartel fell again in 221,000 barrels a day, up to 30.54 million barrels per day (mbd) in February, according to secondary sources (indirect) cited by OPEC in its monthly report.

More than half of this fall is explained by Venezuela, where production fell by 142,000 barrels per day in relation to January.

The country has had to limit its offer for US sanctions against the national oil company PDVSA.

(Read also: Fedecámaras rejects operations in currencies at rates other than Dicom)

To a lesser extent, Saudi Arabia and Iraq also reduced their production in February.

In December, OPEC, together with Russia, reduced its production targets to support prices, in a market saturated with US oil.

Likewise, maintained on the other hand its forecasts of world oil demand in 2019 but it revised its supply forecasts slightly upwards, particularly due to the production of Canada that is expected to be more abundant than expected.

For 2019, the OPEC predicts a growth of the production of the countries outside the organization of 2.24 mbd (against an estimate of 2.18 mbd last month), reaching a total of 64.43 mbd.

"Although oil demand should grow at a moderate pace in 2019, it is still much lower than the strong growth expected this year from non-OPEC supply," the report said.

The cartel also states, in the direction of the United States, that there is "the shared responsibility of all producing countries to avoid the return of imbalances and continue to support the stability of the oil market by 2019."

The United States, in full revolution of shale hydrocarbons, should produce an additional 1.80 mbd this year.

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