According to data released by the Venezuelan government, Venezuela’s average daily oil production reached 910,000 barrels in May of this year, an increase of 32,000 barrels per day from the previous month, representing a month-on-month growth of 3.65%. This marks one of the largest monthly increases reported in recent years and sets a new single-month production high since November 2019.
　　However, the report by the Organization of the Petroleum Exporting Countries (OPEC) differs slightly from this. According to OPEC’s statistics, the country’s average daily oil production in May was 822,000 barrels, 88,000 barrels per day less than the figure released by the Venezuelan government. In addition, OPEC reported that Venezuela’s crude oil production in May fell by 3,000 barrels per day compared to April’s 825,000 barrels. Nevertheless, official Venezuelan data show that the country was the fastest-growing OPEC member in terms of oil production in May, followed by the United Arab Emirates (UAE), which saw an increase of 16,000 barrels per day.
　　Venezuela is one of the world’s major oil-producing and exporting countries, as well as one of the five founding members of the Organization of the Petroleum Exporting Countries (OPEC). Venezuela’s petroleum industry has a history spanning over 100 years, and it serves as the country’s primary economic lifeline.