Image of the OPEC headquarters in Vienna, Austria. Photograph: alex.ch.
Guacamaya, September 11, 2025. Venezuela’s oil production rose by at least 13,000 barrels per day (bpd) in August, according to the monthly report from the Organization of the Petroleum Exporting Countries (OPEC).
According to data provided by the Ministry of Hydrocarbons, the average production for the month was 1,098,000 bpd, while secondary sources reported 936,000 bpd. The difference is primarily due to the inclusion or exclusion of imported diluents in the final figure.
OPEC increased its overall oil supply, mainly due to increases in Saudi Arabia (258,000 bpd), Iraq (122,000 bpd), and the United Arab Emirates (87,000 bpd). Russia, which is considered an ally in the OPEC+ group, also increased its production by 50,000 bpd.
The discount for Merey crude relative to Brent also decreased slightly compared to July, moving from $12.90 per barrel to $11.65 in August. This was due to increased demand for Venezuelan crude, although Merey-16 remains the cheapest in the OPEC price basket.
According to Reuters, Venezuelan oil exports reached a nine-month high, exceeding 966,000 bpd, primarily due to increased shipments to China, which accounted for 85% of the total. The first shipments by Chevron under its new license also took place, reaching 60,000 bpd.
