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Araghchi: We have always supported Lebanon's sovereignty and territorial integrity at all times, we still do in these difficult circumstances.
Iranian Foreign Minister Abbas Araghchi from Beirut: Lebanon's independence and territorial integrity are of great importance to Iran, we support it against occupation.
Israeli army admits 3 soldiers of rank of Staff Sergeant were killed, 2 others injured in northern Gaza.
Occupied Palestine: Palestinian media: Martyrs and injuries as a result of the Israeli occupation firing on displaced people while they were waiting for aid west of Rafah.
Al Mayadeen's correspondent in occupied Palestine: 3 martyrs, including a child, as a result of Israeli occupation forces bombing displaced persons' tents in Deir al-Balah in the central Gaza Strip.
Israeli media: Yedioth Ahronoth: Concern in "Israel" over changes within the US administration in recent days.
Al-Qassam Brigades says its fighters are engaging in fierce clashes with the occupation forces, killing and wounding soldiers east of Jabalia camp.
Israeli media platforms are circulating preliminary reports about a multi-causalty ambush in Jabalia camp, Gaza.
Al Mayadeen's correspondent: 35 martyrs, 75 injured in occupation targeting of civilians seeking food aid in Rafah, Khan Younis, southern Gaza.
Da Silva: What is happening in Gaza is not a war, it is a genocide

Venezuela's oil production signals remarkable rebound

  • By Al Mayadeen English
  • Source: Agencies
  • 17 Aug 2023 08:29
  • 1 Shares
3 Min Read

In the dynamic realm of Venezuela's oil industry, a notable resurgence in daily oil production has marked the period from January to July 2023.

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  • An oil rig in Maracaibo Lake in Venezuela (AFP via Getty Images)
    An oil rig in Maracaibo Lake in Venezuela. (AFP via Getty Images)

Venezuela's daily oil production experienced a rise from 732,000 to 810,000 barrels per day between January and July 2023, as per data released by Rafael Tellechea, the Venezuelan Oil Minister and head of the state oil and gas company PDVSA.

Tellechea, expressing his viewpoint on X (previously known as Twitter), attributed this growth to President Nicolas Maduro's strategy and the efforts of PDVSA employees, showcasing the country's ability to withstand blockades and rely on its internal capabilities.

Based on infographics created using OPEC reports on the oil market, Venezuela's oil production was at 732,000 barrels per day in January 2023. The zenith of production was recorded at 819,000 barrels per day in May, while July saw production at the level of 810,000 barrels per day.

In an earlier interview, Tellechea stated that Venezuela aims to attain a production level of 1 million barrels per day by the year's end.

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Furthermore, the nation aspires to achieve a production rate of 1.76 million barrels per day within the subsequent year. During the first half of 2023, oil refining in Venezuela reached 300,000 barrels per day.

This comes a few days after Iranian fuel company NIORDC, sponsored by the country’s Oil Ministry, revealed its first homemade catalyst intended to be installed at a cracking unit in a refinery in Venezuela, where fuel production suffered impediments as a result of parts shortages caused by US sanctions.

In defiance of unilateral US sanctions, Iran has consistently sent fuel tankers to Venezuela in the past few years and helped in refinery repairs.

It is worth noting that PDVSA, the Venezuelan state-owned oil and natural gas company, relies on Iranian South Pars condensate to convert its heavy oil to exportable grades. Iranian crude oil is also refined into motor fuel in South America.

Since 2020, the two countries have worked on expanding cooperation, especially in energy projects and oil trade, amid the draconian US sanctions that they have repeatedly been subject to. This has helped both countries ease the effects of the sanctions on their economies.

Read more: US imposed sanctions on Venezuela to seize oil for free: Venezuelan VP
 

  • sanctions
  • US
  • Venezuela
  • Oil
  • Venezuela's oil industry
  • Iran

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