The OPEC headquarters in Vienna, Austria. Photo: Pat Uriku.
Guacamaya, May 14, 2025. The monthly report from the Organization of the Petroleum Exporting Countries (OPEC) records a drop in oil production of 34,000 barrels per day (bpd) for Venezuela in the month of April, according to what it calls “secondary sources.” This would be from 922,000 bpd to 888,000 bpd.
However, the Ministry of Hydrocarbons reported stable production at 1,051,000 bpd, in what is known as “direct communication” in the same report.
The price of Venezuelan Merey-16 averaged $56.72 per barrel, which would mean a discount of $11 to Brent crude, considered the benchmark for the global market.
Total OPEC production may have fallen by 62,000 bpd, mainly due to declines in Iran, Nigeria, Libya, and Venezuela. These would contrast with a sudden increase from Saudi Arabia of 49,000 bpd.
A possible drop in Venezuelan production could be due to the approaching end of the oil licenses granted by the United States. Several energy corporations, including Chevron, Repsol, and Maurel et Prom, must halt their operations in Venezuela by May 27.
The news agency Reuters reported a significant drop in exports in April, as PDVSA ordered shipments for Chevron to stop at the beginning of the month.
Vessel tracking platforms show a usual number of tankers at the Amuay and José terminals. But almost all of them have destinations in Asia, including China, Malaysia, and Singapore—the latter two acting as transit countries for the former. Several vessels, sanctioned by the U.S., have been classified as “ghost” or “zombie” ships since they change their names, usually to ones that are no longer in service.
It is very common for “secondary sources” and “direct communication” to differ. Both have their flaws. The first version often revises its figures from past months, usually upward. The second version does not make revisions but may inflate the final result by not subtracting imported diluents.
For example, the “secondary sources” section initially stated in March that 911,000 bpd had been produced, reporting a drop of 2,000 bpd. But in the following month’s report, it revised this March estimate to 922,000 bpd.
