By Mardiyyah Abubakar
Venezuela’s acting president, Delcy Rodriguez, says last month’s deadly earthquakes did not disrupt the country’s oil production.
Speaking on Monday, Rodriguez said Venezuela is producing 1.2 million barrels of crude oil per day, about 10% more than a year ago. She added that the government remains confident the economy will continue to grow this year.
Venezuela holds the world’s largest proven crude oil reserves. Most of its oil comes from Lake Maracaibo in the northwest and the Orinoco Belt in the east.
The powerful 7.2- and 7.5-magnitude earthquakes struck on June 24, killing more than 4,500 people. The worst damage occurred in the northern coastal state of La Guaira and nearby Caracas, areas located between the country’s main oil-producing regions.
Rodriguez said the quakes did not affect oil operations.
Venezuela’s oil output has fallen sharply over the past two decades. Production dropped from more than 3 million barrels per day in the early 2000s to about 350,000 barrels per day in 2020 due to years of corruption and poor management.
After taking office in January following the U.S.-backed removal of former president Nicolas Maduro, Rodriguez introduced major reforms to attract foreign investment into the oil sector. The changes reduce state control and aim to revive the country’s key source of revenue.
