Repsol, PDVSA Sign Petroquiriquire Deal for 50% Output Boost in 12 Months

Repsol and PDVSA signed an agreement on April 17 to increase output at the Petroquiriquire field by 50% within 12 months from 45,000 bpd and triple it over three years, leveraging U.S. OFAC General License 50A. This builds on April 16 Financial Times reports of Repsol regaining operational control via a deal with Venezuela's government and PDVSA, amid Venezuela's output rising to 1.1 million bpd. The moves signal potential supply growth, exerting downward pressure on WLDOIL prices if execution succeeds amid geopolitical risks.