Venezuela has doubled its oil production in recent months thanks to Iran and other players that are helping it evade U.S. sanctions, but the country’s industry is now running near the top of its capacity and it is unlikely it could go much higher than current output levels, according to industry analysts.
Oil industry sources confirmed to the Miami Herald that Venezuelan oil production reached an estimated average of 900,000 barrels per day, or bpd, in December and could reach 850,000 bpd in January, thanks mainly to regular shipments of thinners from Iran that have allowed the country to make up for the decline in domestic production.
Those thinners, usually the petroleum derivative known as naphtha, are essential to reducing the viscosity of the super-heavy Venezuelan crude oil.
