With production & prices up, Venezuela's oil revenue is rising. At nearly 700,000 barrels a day, the country is producing more than last year, but its production was twice as high in 2018 & four times as high in 2013, said Center for Energy Studies' Francisco Monaldi.
Colombia’s moves to roll back its oil exploration and production — prioritizing climate goals instead — are irrational, said fellow Francisco Monaldi. “As long as the demand is there it will be produced by Brazil or Venezuela or someone else.”
Since Russia’s invasion of Ukraine, “the [LNG] opportunity today is clearly tremendous because of what we’re seeing in markets,” fellow Francisco Monaldi told NGI News. But “I think the potential that is there is not going to be fulfilled because of the risks.”
Although Venezuela saw a decline in oil exports in 2022 due to infrastructure outages and more, exports are anticipated to rise this year. Fellow Francisco Monaldi tells Reuters that the crude oil output is set for an increase of at least 100,000 bpd.
Based on trends seen from 2022, global energy markets have been transformed due to the Ukraine War. Fellow Francisco Monaldi joined NGI News to discuss foreseeable energy predictions for Latin America in the new year.