Highlights Average year crude production slightly below 2020 Production from JVs account for 60% of total production Iranian condensates boost output for third straight month Venezuelan state-owned PDVSA and its foreign joint venture partners recorded average crude oil production of 560,000 b/d in 2021, according to an internal report reviewed by S&P Global Platts.

The average year was slightly below 2020 when production averaged 570,000 b/d and the 2019 record when production was 1.01 million b/d, according to the OPEC Annual Statistical Bulletin. Also, the 2021 results were far from the target of PDVSA’s recovery plan. Average production from JVs accounted for 60% of the total in 2021, or 335,000 b/d, while the remaining 40%, or an average of 225,000 b/d, corresponded to PDVSA’s own production, according to the internal report. The goal in the […]