Venezuelan crude oil production falls to lowest level since January 2003

In April 2019, Venezuela’s crude oil production averaged 830,000 barrels per day (b/d), down from 1.2 million b/d at the beginning of the year, according to EIA’s May 2019 Short-Term Energy Outlook. This average is the lowest level since January 2003, when a nationwide strike and civil unrest largely brought the operations of Venezuela’s state oil company, Petróleos de Venezuela, S.A. (PdVSA), to a halt. Widespread power outages, mismanagement of the country’s oil industry, and U.S. sanctions directed at Venezuela’s energy sector and PdVSA have all contributed to the recent declines. Source: Today in Energy – Venezuelan crude oil production falls to lowest level since January 2003

Continue reading Venezuelan crude oil production falls to lowest level since January 2003. This article appeared first on CTRM Center.

Source: CTRM Center

Related Posts

Leave a reply