Venezuelan Crude Exports To U.S. Fall To 15-year Lows

9 Dec 2017   Venezuela

data . Sanctions and low production caused the decline in November. The last time levels were this low, an industry strike had shut down a large portion of the Latin American nation’s oil sector. State-run PDVSA sent a total of 475,165 barrels of oil the U.S. per day in November – a 36 percent drop from last year and a 12 percent drop from the previous month. The last four years have seen the country lose one million bpd of production, mostly due to inadequate funds to maintain oil facilities, according to the OPEC. Three years of low oil prices have made it difficult for state revenues to meet national budget demands. The output and revenue decline is causing Caracas to take oil from its joint ventures in the Orinoco Belt to keep the lights on. Hamaca crude from a joint venture with Chevron is increasingly being used for […]

Comments are closed.