Venezuela oil production has reached 1.1 mln bpd in March

Venezuela's oil production, including condensate and gas liquids, reached 1.1 million barrels per day in March, according to a government presentation citing PDVSA. The release provides a headline production level but no month-on-month or year-on-year comparison. As a standalone datapoint, it is unlikely to materially move global oil prices.

Analysis

Venezuela's oil production, including condensate and gas liquids, reached 1.1 million barrels per day in March, according to a government presentation citing PDVSA. The release provides a headline production level but no month-on-month or year-on-year comparison. As a standalone datapoint, it is unlikely to materially move global oil prices.