According to energy ministry official data communicated to Opec, Venezuela produced 1.533mn b/d of crude in May, up by 28,000 b/d from 1.505mn b/d in April. However, this May statistic was a lie. Average production cited by secondary sources published by Opec report Venezuela's May output at 1.392mn b/d, down by 42,500 b/d from 1.434mn b/d in April. Argus estimates May production at around 1.45mn b/d.
Output in early June has dropped to 1.1 to 1.2 million barrels per day, according to three PdV officials.
PDVSA is contractually obligated to supply 1.495 million b/d to those customers in June, but only has 694,000 b/d available for export.