Venezuela Oil Production Climbs to 1.1 Million Bpd

Venezuela produced an average of 1.1 million barrels of crude daily this month, up from 942,000 barrels daily in February, according to a PDVSA presentation, as cited by Reuters. The turnaround followed the selective lifting of sanctions by the United States after it removed President Nicolas Maduro from power and took him to the U.S. to stand trial for drug trafficking, while effectively taking over Venezuela’s oil industry. The turnaround will take a while, however. In the 1990s, Venezuela pumped around 3 million barrels of crude daily,…