Venezuela’s broken oil industry is still struggling to boost production, and the new target set by PDVSA of 1 million barrels per day by the end of the year is unrealistic Some estimates put the cost of fixing Venezuela’s oil industry at $200 billion As long as U.S. sanctions remain in place and international oil majors refuse to work in with the country we are very unlikely to see a recovery At the start of 2021, Venezuela’s Oil Minister Tareck El Aissami announced that national oil company PDVSA was targeting petroleum production of 1.5 million barrels per day by the end of the year. When he made that statement in March 2021, Venezuela’s national oil company was pumping, according to OPEC , an average of 525,000 barrels of crude oil per day, or a third of that target. A week ago, PDVSA gave a clear indication of just how […]