Venezuela’s oil output is collapsing at an accelerating pace, deepening an economic and humanitarian crisis and increasing the chances the country will default on its debts. Crude production fell 11% in December from the month before, according to government figures released Thursday. Over all of 2017, output was down 29%, among the steepest national declines in recent history, driven by mismanagement and under investment at the state oil company, say industry observers and oilmen. The drop is deeper than that experienced by Iraq after the 2003 war there—when the amount of crude pumped fell 23%—or by Russia during the collapse of the Soviet Union, according to data from the Organization of the Petroleum Exporting Countries. Created with Highcharts 6.0.4Downward SlopeVenezuela’s crude-oil productionSource: OPECNote: Petroleos de Venezuela SA figures Created with Highcharts 6.0.4.million barrels a dayJan. ’17May ’17Sept. ’1700.511.522.5 Created with Highcharts […]