The doom and gloom forecasts for Venezuela’s oil production are about to get a bit gloomier. And since 95% of Venezuela’s export revenues come from oil, as things get more abysmal for its oil industry, things get more abysmal for the country as a whole. In today’s Monthly Oil Market Report published by OPEC, according to secondary sources, Venezuela’s production fell by 55,000 barrels per day in March, to 1.488 million bpd. According to the report, Venezuela’s self-reported production fell by a greater amount—77,000 bpd, from 1.586 million bpd in February to 1.509 million bpd in March. Depending on which source information one uses (secondary source vs. direction communication), Venezuela’s production has decreased oil production between 100,000 and 200,000 barrels per day. This drop in production¬ from the troubled Latin nation—even though it was not just expected but a near certainty—is bound to support higher oil prices, even as […]