Venezuelan oil production declines due to US sanctions – Commerzbank

US Sanctions Lead to Drop in Venezuelan Oil Output

Due to US-imposed sanctions and trade restrictions, Venezuela's oil production fell to 830,000 barrels per day in December, marking a decrease of approximately 130,000 barrels compared to November. In contrast, overall OPEC output remained steady at about 29 million barrels per day, according to Barbara Lambrecht, a commodities analyst at Commerzbank.

OPEC Maintains Output Levels Despite Fluctuations

Bloomberg's survey-based data indicates that the US measures against Venezuela significantly impacted its oil sector last month, resulting in a notable drop in daily production. Despite this, OPEC's collective oil output saw a slight uptick from the previous month, holding firm at around 29 million barrels per day.

Iraq played a key role in this increase, ramping up its oil production and even exceeding its agreed quota, rather than adhering to planned reductions. Meanwhile, Saudi Arabia helped prevent a larger rise in OPEC's total output by maintaining its own production at a steady level, continuing to produce below its permitted limit for another consecutive month.

Since September, OPEC's total oil production has consistently hovered near the 29 million barrels per day mark, reflecting the balancing act among member countries.