Venezuela's crude output has jumped to the highest level since the United States imposed sanctions on Venezuelan state-run oil firm PDVSA. However, this record growth was preceded by a significant reduction in the company's crude oil production and then a recovery to the previous levels. This is the way PDVSA achieves its record results and releases positive reports on lifted output. In November, the state monopolist showed "signs of recovery" after a protracted fall. According to official figures, in November of this year, the company managed to boost its oil production to 926 thousand barrels per day, reflecting an increase of 17 percent from October. Growth is evident. However, given the fact that even in the spring of this year, the country's oil output exceeded 1.2 million barrels per day, this report no longer sounds so positive. Interestingly, two years ago, Venezuela's crude oil production averaged almost 2 million barrels per day. Therefore, this November 17 percent record growth seems to be another trick for the country's population. Venezuela is suffering from one of the worst crises known in modern times. Possessing the world's largest oil reserves, local authorities cannot provide the people even with food and basic necessities. Instead, they come up with stories about a bright future and creates illusory economic success.
