Venezuela has reported a significant increase in monthly oil output. The spike in output can be attributed to a range of factors, including the technical assistance and diluent provided by Iran. Another key reason for significantly higher production was PDVSA’s ability to amortize and settle overdue debt with local oil service companies. Despite decades of mismanagement, malfeasance and corruption, strict U.S. sanctions and crumbling energy infrastructure , Venezuela’s national oil company PDVSA has stunned observers by reporting a significant increase in crude oil output for November 2021. OPEC’s December 2021 Monthly Oil Market Report shows based on primary sources Venezuela pumped an average of 824,000 barrels daily for November 2021. This represents a notable 9% increase compared to a month earlier and is nearly double the 434,000 barrels per day produced for the same period a year earlier. That number is significantly greater than the 569,000 barrels produced per […]