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Chart of the Day: Venezuela’s Crude Oil Production is Increasing
Summary
Figure (1) shows trends in Venezuela’s crude oil production since the beginning of 2019 when US sanctions started affecting oil production. Production started increasing since the beginning of 2021 since President Biden took office, but production increased meaningfully since last year after the White House gave Chevron a green light to develop the joint ventures it has with PDVSA. Then more companies received exemptions from sanctions. It also shows large increase in production last month.