cost of produce mustard oil refinery plant in venezuela

   
cost of produce mustard oil refinery plant in venezuela
                                               
                                               
                                               
                                               
  • cost of produce mustard oil refinery plant in venezuela
Will Venezuela expand oil production?

For 2019 alone gross domestic product contracted by a catastrophic 27.7% and then by a ruinous 30% during 2020. This triggered a severe financial crisis for Caracas, causing any available capital for repairs to Venezuela¡¯s heavily corroded infrastructure to all but dry up, further weighing on plans to expand oil production.

How much oil does Venezuela produce in 2023?

Despite the sizeable reserves, Venezuela produced 0.8% of total global crude oil in 2023. Most of Venezuela's proven oil reserves are extra-heavy crude oil from the Orinoco Belt.

Will Chevron increase production in Venezuela in 2023?

Chevron's earlier exemption increased its production to 135,000 barrels per day (b/d) in 2023, and we expect Chevron's output in Venezuela to reach 200,000 b/d by the end of 2024. According to IPD Latin America, ventures operated by ENI, Repsol, and Maurel & Prom could increase production by an additional 50,000 b/d in the near term.

Why is Venezuela turning to Russia & Mexico for crude oil?

Venezuela has been Cuba's main political ally as well as its largest supplier of crude oil and fuel for over two decades. Cuba is increasingly turning to Russia and Mexico for crude oil to alleviate a severe diesel and gasoline shortage and supplement Venezuela¡¯s crude oil.