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Venezuela intends to double oil production in 2022

March, 10 2022
watermark Economic news

Venezuela's national energy company Petróleos de Venezuela SA (PDVSA) has announced that it intends to increase oil production to 2 million barrels per day in 2022.


President Nicolas Maduro said that at the moment Venezuela produces 1 million barrels per day on its own, but is ready to reach 2 million. If at the same time Venezuela receives some help from outside, then the volume of production can grow to 3 million barrels in a short time. 


The President stressed that Venezuela is open for investment and cooperation and is ready to provide oil and gas to the whole world, including the United States. «We should not politicize economic issues,» the country's national leader said.


Earlier it was reported that on March 8, US President Joe Biden signed a decree banning the import of Russian oil, LNG and coal. Against this background, world oil prices rose above $130 per barrel for the first time since 2008. The current Brent quote is $114.87 per barrel.


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Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.