Venezuela’s daily oil production has exceeded 1.23 million barrels, its highest operational level since February 2019. Acting President Delcy Rodríguez also reported a sharp reduction in the currency gap over the past two months.

Venezuela oil production exceeds 1.23 million barrels per day as currency gap narrows

Venezuela’s oil production reached its highest operational level since February 2019 as the currency gap narrowed to 12.3%.

Venezuela’s daily oil production has surpassed 1.23 million barrels, reaching its highest operational level since February 2019, acting President Delcy Rodríguez said.

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Delcy Rodríguez said the increase comes as the government works to address the climate emergency while pursuing new investment in the oil and gas sectors.

The government has signed 50 strategic agreements covering oil and gas with international and private investors, she said. The agreements include plans to establish more than 76 hydrocarbon production zones across the country.

Economic indicators

Venezuela’s gross domestic product is projected to grow 6.5% this year, according to forecasts by the Economic Commission for Latin America and the Caribbean, or ECLAC, cited by Delcy Rodríguez. She said the expansion would place Venezuela at the forefront of regional economic growth, following 21 consecutive quarters of economic growth.

The gap between exchange rates has narrowed from 30% to 12.3% over the past two months, Acting President said, highlighting the change as a key macroeconomic indicator.

She also reported progress toward normalizing economic relations with multilateral institutions, including the Inter-American Development Bank, the International Monetary Fund and the World Bank.

The narrower currency gap has practical consequences for households and businesses, allowing families to better organize their spending, making their incomes go further and giving merchants greater certainty when setting prices. She added that it would enable companies to plan and invest more effectively.

The figures were presented by Delcy Rodríguez as indicators of Venezuela’s ongoing economic recovery, alongside higher oil production, new investment agreements and efforts to normalize relations with international financial institutions.

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