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Tuesday 20th March 2018

US Oil Production in Venezuela is Likely to Fall to Less than 1 Million Barrel


7Dnews London

Fri, 15 Mar 2019 23:47 GMT

Venezuela's crude oil exports are falling steadily by about 50,000 barrels a month and output is likely to fall below 1 million bpd within a month or two, US special envoy to Venezuela Elliott Abrams said on Friday.

They are now heading towards 1 million barrels per day and within a month or two production will be less than a million and the decline in the past few days could be partly attributed to the power cuts paralysing the South American country.

Over the past two decades, oil production in Venezuela, an OPEC member, has fallen from more than three million bpd at the turn of the century to between 1.2 million and 1.4 million bpd by late 2018.

US & Canada Latin America