PDVSA tries to rebuild an industry destroyed by years of mismanagement and the impact of US financial sanctions. Venezuela’s oil production doubled after hitting record lows in 2020. But the rebound stalled in 2022 with output of around 660,000 barrels per day at the end of the year, far from the 2.9 million barrels of a decade ago. The license recently granted by the Biden Administration to Chevron to expand operations in the country is expected to increase production by 200,000 barrels a day within a year, but more investment is needed to return production to previous levels.
©2023 Bloomberg L.P.
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