Venezuela’s oil production fell by another 52,000 bpd in February from a month earlier, according to OPEC’s secondary sources data. That put Venezuela’s oil output at 1.548 mb/d for February, down 100,000 bpd since December and down 600,000 bpd from 2016. Output will almost certainly continue to head south for the foreseeable future. (Click to enlarge) The uncertainty, then, is only over how bad things might get. “Production is collapsing in a way rarely seen in the absence of a war,” Francisco Monaldi, fellow in Latin American Energy at the Baker Institute for Public Policy at Rice University, wrote in a new report published by the Atlantic Council. “The country is also suffering the worst economic depression ever recorded in Latin America.” GDP shrank by 16.5 percent in 2016 and 12 percent in 2017. The IMF predicts the economy will contract by another 15 percent this year. The Atlantic […]