Venezuela produced 2.53 million barrels of crude oil per day in June, slightly higher than output for the previous month, the International Energy Agency said Wednesday in its monthly report.
Venezuela produced 2.53 million barrels of crude oil per day in June,
slightly higher than output for the previous month, the International Energy
Agency said Wednesday in its monthly report.
The South American country produced 2.49 million barrels a day in May, a number
that was revised marginally higher from what was reported last month.
In June, the IEA announced that it changed its accounting methods for
calculating
Venezuela
's oil
output, prompting a revision of production numbers between 2005 and 2011, all
of which rose by an average of 300,000 barrels per day.
The IEA, which is often at odds with Venezuelan officials over the country's
actual output levels, now estimates production capacity of 2.64 million barrels
a day.
While the Venezuelan government is counting on increasing its oil production in
coming years as it looks to develop its
Orinoco
heavy
oil belt, the IEA anticipates sustainable output capacity to slip to 2.57
million barrels a day in 2012.
Venezuela
is looking
to raise production to four million barrels a day in the next few years.
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