Venezuela Aims to Boost Oil Production Amidst Challenges
Venezuela seeks to be recognized for its high oil production rather than for its substantial reserves. Economic adviser Calixto Ortega emphasizes readiness for investment if sanctions are lifted. U.S. actions have impacted Venezuela's oil sales and production, but recent data shows a rise in exports.
Venezuela is striving to shift its international image from a nation with vast oil reserves to one of high oil production. During the World Government Summit in Dubai, Calixto Ortega, the country's top economic adviser, stated the nation's desire to change its global perception and boost its production levels.
Despite holding the world's largest estimated oil reserves, Venezuela's production has languished due to prolonged mismanagement, insufficient investment, and international sanctions. According to official data, the U.S. has enforced sanctions against Venezuela and recently intensified its control over Venezuela's oil sector following the arrest of President Nicolas Maduro.
Calixto Ortega assured that Venezuela is economically stable and seeks investments, contingent upon the lifting of sanctions. The country's oil exports saw an increase to 800,000 barrels per day in January from 498,000 in December, as reported by shipping data. This change follows the U.S.'s temporary adjustment of its oil embargo and the seizure of oil tankers.
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