Venezuelan oil company reverses drop in production

Caracas, Nov 7 (Prensa Latina) Venezuelan state oil company Petroleos de Venezuela (PDVSA) has reversed the decrease in oil production after reporting a daily average of 893,000 barrels in the first days of this month, the company reported.

PDVSA noted that current output exceeds the 793,000 barrels produced in October and 749,000 in September.

After reaching te 906,000 barrels in July and 933,000 in August, production dropped due to the threats of illegal sanctions made by the United States government against companies that carry Venezuelan oil.

In early October, US transnational Exxon Mobil Corporation prohibited the use of tankers linked to oil from Venezuela over the past year.

The company’s contractual clause affects some 250 oil tankers, PDVSA noted.

A few days later, UNIPEC, the commercial branch of China’s Sinopec, vetoed the use of ships linked to the transportation of oil from Venezuela over the past 12 months.

As a result of those actions, PDVSA had its storehouses at full capacity, and was forced to reduce production.

Nevertheless, Russian company Rosneft, which produces nearly 5% of the world’s oil, offered its assistance to ship and market most of Venezuela’s oil, thus guaranteeing that PDVSA could continue to supply its clients.

The Russian firm is not violating US sanctions, because it receives oil as part of an agreement to pay debt, the press release noted.

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