Venezuela's oil output up 1.09% in July to 1.2 million barrels daily

Venezuela's oil production averaged 1.2 million barrels per day in July, marking a 1.09% increase from June, according to official figures cited by the Organization of the Petroleum Exporting Countries (OPEC).

This latest increase contributes to a significant 29.8% rise in production since January, when output stood at 924,000 barrels per day. This growth has occurred amidst a period of opening to foreign investment in strategic sectors like oil, mining, and electricity, alongside a reportedly "excellent" bilateral relationship with the United States.

In January, Venezuela's National Assembly approved a reform of the hydrocarbons law, aimed at incentivizing foreign investment. Analysts viewed this move as a departure from the legacy of former President Hugo Chávez. Subsequently, the U.S. Secretary of Energy visited Caracas in February, establishing a long-term energy partnership.

Despite these production gains, Venezuelan workers across various sectors report that the country's wage crisis persists. The minimum wage and pension are currently equivalent to approximately 17 U.S. cents per month at the official exchange rate.