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BREAKING
Israeli media citing security official: The Madleen vessel is 300 km from the coast of Gaza, we will decide what to do with it; it will not get to Gaza.
Al Mayadeen's correspondent: four martyrs, 70 injured by IOF fire near aid center west of Rafah, southern Gaza.
The Mujahideen Movement: The two were killed along with dozens of others from their family in a cowardly Zionist assassination that targeted the Sabra neighborhood today
The Palestinian Mujahideen Movement mourns the martyrdom of its Secretary-General, Asaad Attiya Abu Sharia "Abu Al-Sheikh", along with his brother Ahmad
Abu Zaid: I believe that the Iranian operation was multi-layered, combining cyber and electronic attacks with coordinated on-the-ground infiltrations by agents
Abu Zaid: Usually, archives of such sensitivity are typically protected by a full-scale security system, but it appears that Iranian intelligence managed to make use of a gap in it
Strategic military expert Nidal Abu Zaid: Iran has stripped "Israel" of the superiority and deterrence long boasted by its security minister, chief of staff, and other top officials
Fallahpour: Iran may use these documents in its battle with the United States and Western countries over its nuclear program
Fallahpour: Iran may have obtained additional documents related to "Israel's" regional projects, not just its nuclear program
Fallahpour: The coming weeks will be full of surprises, as Iran has forced Israeli intelligence agencies into a state of psychological exhaustion

Venezuela surprises oil markets, nears 1M bpd in oil production

  • By Al Mayadeen Net
  • Source: Agencies
  • 2 Jan 2022 10:28
2 Min Read

Venezuela's national oil company, the PDVSA, has reported a large increase in crude oil output following years of mismanagement, stunning observers.

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  • Venezuela's national oil company, PDVSA
    Venezuela's national oil company, PDVSA

After years of crippling US sanctions, coupled with internal mismanagement, Venezuela's national oil company PDVSA has stunned observers as it reported a large increase in its crude oil output.

OPEC's Monthly Oil Market Report for December 2021 shows that Venezuela pumped an average 824,000 barrels a day in November, almost double its output in November 2020. This large increase in output can be attributed to a large number of factors, including technical assistance and diluent provided by Iran, according to oilprice.com.

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Another factor is PDVSA's settling of its overdue debts with local oil service companies; As it entered December, the national oil company announced that it pumped an average of 930,000 barrels per day, a little under the company's end of year target of one million bpd.

Venezuelan President Nicolas Maduro had announced on Saturday that his country is close to producing 1 million bpd, adding that next year's goal is 2 million bpd.

Venezuela's production had neared 3.2 million bpd in 2008, and plummeted to less than 400,000 bpd in 2020 on account of US sanctions and mismanagement.

In his interview for Al Mayadeen, Maduro had said that 2021 was the first year in which Venezuela registered economic growth since “the beginning of the criminal imperialist US sanctions,”  adding that this growth was the result of Venezuela’s economy which produces food, goods, products, and services. The country has witnessed growth in its industries, trade, and its domestic market as a result of the Venezuelans' continued effort.

  • Venezuela
  • Iran
  • Oil Production
  • PDVSA
  • Crude oil

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