Venezuela’s crude oil production could fall below 1 million bpd after the United States imposed new sanctions on its already struggling state oil company PDVSA, Wood Mackenzie analyst Ann-Louise Hittle warned . “We believe production will likely fall to around 900,000 b/d under pressure from sanctions and a lack of materials for workovers, but we expect waivers will ease the full impact of the sanctions until they expire,” Hittle said. Wood Mackenzie analysts believe the situation will require certain flexibility from local oilfield services providers as foreign companies exit the country. If these can cope with the task to maintain current production, the problem could partly be solved. However, it’s anyone’s guess what the level of expertise at these local companies is, not to mention their financial and equipment resources. The most vital industry information will soon be right at your fingertips Join the world’s largest community dedicated entirely […]