IEA: Venezuela’s May Oil Output Slightly Higher At 2.36M B/D

Venezuela produced an average of 2.36 million barrels of crude a day in May, a slightly higher level than the previous month, the International Energy Agency reported late Tuesday.

The country’s average production for May rose 1.7% from April’s 2.32-million-barrel-a-day level, the agency said in its latest monthly report.

As part of its calculation, the IEA estimated production in the Orinoco heavy-oil projects at 510,000 barrels a day. Sustainable production capacity for the Andean nation now sits at 2.5 million barrels of crude a day.

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