South America
VenezuelaVenezuela's PDVSA plans to boost oil production with new contracts
Venezuela's state oil company, PDVSA, aims to sign 44 new oil contracts by late 2026, increasing total contracts to 105 and targeting 1.5 million barrels per day in oil production by late 2027.
Background
Venezuela, a nation with significant oil reserves, has faced years of economic crisis and international sanctions, particularly from the United States. The state-owned oil company, PDVSA, is central to the country's economy and its efforts to recover and increase oil output are key to generating revenue. The government, led by Nicolás Maduro, has been in a long-running conflict with the opposition, which is supported by the US.
Quorum · collective opinions
Venezuela's oil production targets and refinery operations
First report 21h agoLast update 15h agoOfficials are optimistic about increasing oil production and refinery processing capacity, with targets set for 2026 and 2027.
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