Venezuela Maintains Strong Oil Output Despite U.S. Licenses Revocations

(MENAFN) Venezuelan Vice President Delcy Rodriguez declared on Thursday that the recent U.S. move to revoke licenses granted to foreign companies operating in Venezuela has not disrupted the country’s oil production.

Despite the U.S. Department of the Treasury’s decision on May 27 to cancel licenses for transnational oil firms active in Venezuela, the nation’s oil fields continue to produce according to schedule.

"PDVSA (the state-owned oil company) workers maintain their production plan," Rodriguez stated. She emphasized that both PDVSA and the foreign partners are suffering under unilateral sanctions, describing the revoked licenses as unrecognized by Venezuela’s legal framework.

"Both PDVSA and Partner B (transnational corporations) are victims of unilateral coercive measures," or sanctions, and the so-called licenses "are not recognized by the Venezuelan legal system," said the vice president.

Rodriguez further insisted that Venezuela upholds its production agreements with these companies, adding, "We maintain and respect the production agreements signed with them. If they are not there, our workers are there producing."

These comments came during the Fedeindustria Expofair, an event hosted by Venezuela’s industrial association, where Rodriguez provided an update on the nation’s economic landscape.

She revealed that Venezuela’s crude oil output has surpassed the milestone of 1 million barrels per day and that this upward trajectory is continuing steadily.

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