Venezuela doubles oil production and gets much needed export revenue

Venezuela is estimated to have produced 800,000 barrels per day in 2021, doubling from 374,000 barrels a day in 2020.
 
The government received $11 billion in oil revenue last year, a 38% increase from the previous year. According to a forecast, revenue will grow to around $15 billion this year. The rising oil prices, consequent to the Ukraine crisis, will boost the earnings of Venezuela.

 
One key factor fueling the turnaround is the help of powerful allies. China buys the majority of Venezuela's production through middlemen. 
 
The second factor is that Iran provides the condensate the country needs to mix with its Orinoco heavy crude.

Thirdly, PDVSA, the national oil company, has overcome the exodus of big international service and maintenance companies, such as Halliburton Co., Schlumberger and Baker Hughes Co., that pulled from the country as U.S. sanctions prohibited them from drilling wells or selling, buying or transporting oil. In their place, local contractors are increasingly filling the void, quietly stepping in to do repairs and maintenance.

Venezuela has the capacity to export 3 million bpd but the country has been crippled by US sanctions and local mismanagement. The US, which has ramped up its domestic oil and gas production and exports, is quietly taking over the markets of Venezuela such as India. Last year, India became the largest market for US crude exports. In the first nine months(April-December) of 2021, the US exports to India were 11.7 billion dollars, while Venezuela's supply to India was a meagre 0.06 million, the lowest in the last twenty years. In 2012-13, Venezuela had supplied 14 billion dollars of crude to India.

The government of President Maduro has become stronger after the opposition lead by the presidential pretender Juan Guaido has lost his credibility and the failure of the US government's regime change operations. The Maduro government can feel much safer in the coming years since the US has shifted its focus of regime change to Russia

More information.. https://www.stripes.com/theaters/americas/2022-02-26/venezuela-diminished-oil-industry-mounts-unlikely-recovery-5155962.html