Oil pumpjack in the municipality of Lagunillas, Zulia state. Photo: Rjcastillo.
Guacamaya, June 15, 2025. Venezuela’s oil production saw a slight increase in June, according to the Organization of the Petroleum Exporting Countries’ (OPEC) monthly report.
This marks the first full month without any U.S. licenses allowing oil production in Venezuela, as the deadlines to wind down operations ended on May 27.
Both secondary sources and figures from the Ministry of Hydrocarbons reported an increase of 3,000 barrels per day (bpd), reaching 910,000 bpd and 1,069,000 bpd, respectively, depending on the estimate.
Since licenses came into effect in January 2023, crude production has increased by more than 220,000 bpd to date, according to secondary sources, or by 330,000 bpd, as per direct reports from the ministry. The discrepancy in calculations is often due to the inclusion of imported diluents in the final figures.
Several energy companies, such as Chevron, Repsol, and Maurel et Prom, reportedly paused plans for further investments starting in February or March, when the Trump administration announced the end of Treasury Department licenses.
Currently, Chevron has authorization to perform only minimum maintenance and ensure the security of facilities in the joint ventures it participates in. This license is confidential and has only been disclosed through media leaks.
The price of Merey-16, a benchmark for Venezuela’s heavy crude, rose from $51.73 in May to $56.86 in June. With Brent crude at $71.44, the discount on Venezuelan oil reportedly widened by $2, reaching $14.58, beginning to reflect the impact of tightened sanctions.
Meanwhile, Saudi Arabia continues to increase output, with a rise of 170,000 bpd in June, while the United Arab Emirates added 83,000 bpd. Russia and Kazakhstan, both OPEC+ members, increased production by 64,000 bpd and 41,000 bpd, respectively. Iran, however, saw a decline of 60,000 bpd.
