Oil production in Venezuela, a country with the world’s biggest reserves, reached a new low in September as it goes through political and economic instability, declining 3.4 percent in September from August. Production has now reached its lowest point since the 2002-2003 PDVSA oil strike — in addition to Iranian output also falling. According to monthly data released Thursday by the Organization of Petroleum Exporting Countries, or OPEC, and which it attributed to “secondary sources,” the country’s September production was just under 1.2 million barrels per day, down 42,000 barrels per day from August. Venezuelan officials confirmed a decline to OPEC, but at a higher level. According to the figures reported and described as coming from “direct […]