The Daily Journal. — Venezuela’s oil production reached 1.201 million barrels per day (bpd) in August 2026, according to a report released Thursday by the Organization of the Petroleum Exporting Countries (OPEC).
The figure represents a slight increase of 1,000 bpd from the 1.200 million bpd Venezuelan authorities reported in July, keeping output above the 1.2 million bpd threshold.
Government figures show a sustained recovery compared with previous quarters. Caracas reported production of 1.187 million bpd in June, an average of 1.167 million bpd in the second quarter (2Q26) and 1.013 million bpd in the first quarter of the year. These levels stand well above the average of 1.081 million bpd recorded throughout 2025 and 921,000 bpd in 2024.
In contrast, independent secondary sources — which OPEC uses to assess compliance with production quotas — estimated Venezuela’s August output at 1.145 million bpd.
Although this estimate places production about 56,000 barrels below the official government figure, it shows a stronger month-on-month increase of 23,000 bpd, compared with an estimated 1.122 million bpd in July and 1.104 million bpd in June.
Under this external assessment, the country averaged 1.089 million bpd in 2Q26 and 920,000 bpd in 1Q26, exceeding the annual levels recorded in 2025 (941,000 bpd) and 2024 (867,000 bpd).
Merey crude price rises 14%
On the pricing front, Venezuela’s benchmark Merey 16 crude gained $9.46 per barrel (+14.04%) in August, reaching a monthly average of $76.82, compared with $67.36 in July.
The increase strengthened Merey’s year-to-date average for 2026, bringing it to $71.40 per barrel, more than $12 above the $59.03-per-barrel average recorded during the comparable period of 2025.
The rise in the value of Venezuela’s heavy crude followed the broader trend of the OPEC Reference Basket (ORB), whose average price increased by $3.45 in August to $86.44 per barrel, as tighter global inventories and demand for crude grades with high middle-distillate yields supported prices.
Share of India’s refining market
The organization’s monthly report also highlighted Venezuelan crude’s position at Asian refineries at the start of the third quarter. In India, Venezuela accounted for 4% of total crude imports in July, matching the shares held by suppliers such as Brazil and Oman.
India’s crude imports averaged 5.1 million bpd in July amid high utilization rates at the country’s refining complexes. Russia continued to dominate shipments to the market with a 56% share, followed by the United Arab Emirates at 9% and Saudi Arabia at 8%. Venezuelan crude nevertheless maintained an active presence in Indian refineries’ supply mix.
