Venezuela is scrambling to ramp up its oil production to help tackle global supply constraints. There is a growing concern that state-owned PDVSA is reaching its production capacity. Some analysts are suggesting that PDVSA is overstating its oil production data, and true output levels may be significantly lower than what is claimed. A recurring theme when it comes to Venezuela’s oil industry and national oil company PDVSA are wildly ambitious crude oil production targets announced each year by President Nicolas Maduro. During early January 2021, after the worst of the COVID-19 pandemic had passed, Venezuela’s president announced that PDVSA would be pumping 1.5 million barrels per day by the end of the year. That objective proved impossible to meet with PDVSA announcing in […]