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Venezuela to increase oil production to 1.5 million bpd in 2021

Venezuela plans to increase oil production to 1.5 million bpd in 2021, state oil company PDVSA said in a statement, citing President Nicolas Maduro. “We have a goal to reach 1.5 million bpd, which will be sold worldwide, with new mechanisms for extraction, financing and marketing,” Maduro said in his annual address to the people. He recalled that in March 2015, before the introduction of US sanctions against Venezuela, PDVSA maintained production at 2.15 million b / d. “Between 2014 and 2019, oil production fell 69% due to the industry’s inability to access finance and the ban on oil sales. Venezuela has lost about $ 100 billion since 2015. We held out for 13 months without selling a drop of oil. to the world, “he said. The Venezuelan President also called for continued work on the return of Venezuelan gold held in England, as well as work on the return of the country’s oil and gas company Citgo and fertilizer producer Monomeros. According to Maduro, if Venezuela manages to recover the resources it was deprived of, it could resume oil production to about 2 million b / d per day. Source: FINMARKET.RU

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