Venezuelan Oil Output Drops To Lowest In 28 Years

14 Nov 2017   Venezuela

Venezuela’s oil output dropped to its lowest in 28 years last month, according to new data released by OPEC on Monday. The oil-dependent economy produced only 1.863 million barrels of oil per day in October according to OPEC’s secondary sources, likely due to costs related to replace damaged equipment and other financial restrictions. Self-reported production came in slightly higher at 1.955 million bpd. Caracas is currently in talks with creditors to discuss the future of massive debt payments that are getting more and more difficult to meet. To make matters worse, PDVSA has been ravaged in recent days by arrests of 8 of its senior employees and managers for cooking the books, Reuters reported. The corruption scandal has ended the careers of roughly 25 officials, emptying out the state-run energy company’s C-suite. Venezuela depends on the oil trade to provide over 90 percent of its government revenues, which are […]

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