Rafael Quiroz Serrano: Oil production in Venezuela will not exceed 850 thousand barrels per day

Photo: La Patilla


The Venezuelan oil industry is going through one of the most dramatic circumstances in all its areas with a production of only about 700 thousand barrels, with a drop in refining that reaches 160,000 bpd. This leaves it unable to supply the demand for fuel in the national market.

By La Patilla – Anggy Polanc

Aug 15, 2022

This was explained by Rafael Quiroz Serrano, an economist and oil expert from Táchira, during the presentation of his new work entitled “Los Presidentes y el Petróleo” (Presidents and Petroleum), in which he exposes the crisis that the country is experiencing, and which will serve to help the academic excellence of students and professionals from all over Venezuela.

Mr. Quiroz indicated that currently the only thing that could generate a recovery of the oil industry would be the improvement of the infrastructure, but so far it has not been recuperated.

He pointed out that before the affirmation of Nicolás Maduro’s regime and its Oil Minister that  production will be increased to 2 million barrels of oil by the end of the year next December. He refuted such affirmation and warned that the maximum that “Petróleos de Venezuela” (PDVSA) can expect to produce, with its own efforts and mixed associations, will not be able to exceed 850,000 barrels of oil.

Regarding the proposal to import fuel from Colombia, he declared that, without a doubt, it is preferable to import gasoline from Colombia than bring it instead from India or Iran, because freight rates are higher. He considered that Colombia is capable of supplying fuel to cushion internal consumption a little, since the oil industry collapsed and reached the production level of the 1940’s, when Medina Angarita ruled.

He explained that the research work reviews the successes and errors, benefits and conflicts of oil policy, in five year lapses, and helps to clarify what happened to Venezuelan democracy based on oil revenue.

Mr. Quiroz announced that he is working on another book called “Oil in the Chavista era: rise and embezzlement of the greatest oil boom in history”, in which he will record the bad management and the terrible way in which the oil industry has been run for the last 24 years.

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