Venezuelan oil production is expected to fall to 500,000 b/d by the end of the year, largely from the impact of US sanctions on PDVSA, the country’s state-owned oil company, Elliott Abrams, the US State Department’s special representative for Venezuela, said Wednesday at a US House of Representatives Foreign Affairs Committee hearing. Receive daily email alerts, subscriber notes & personalize your experience. Register Now Venezuelan production dropped 10,000 b/d to 1.16 million b/d in January from 2.4 million b/d in December 2015, according to the latest S&P Global Platts OPEC production survey. The US Energy Information Administration said Tuesday that Venezuelan output slid to 1.22 million b/d in January from 1.25 million b/d in December. On January 28, the US unveiled sweeping sanctions on PDVSA, imposing a de facto ban on US imports of Venezuelan crude oil and an immediate prohibition on US exports of diluent to […]