Venezuela’s oil production held up last month, but appears to be falling off a cliff once again. Output in Venezuela rebounded a bit in April, following the horrific electricity blackouts that rocked the country the month before. Production rose to 768,000 bpd in April, up a modest 28,000 bpd, ending a long string of monthly losses. The data would appear to be positive for Venezuelan President Nicolas Maduro, who managed to fend off a coup attempt in late April and early May. However, the uptick in production may only amount to a temporary reprieve, with outside pressure, led by U.S. sanctions, continuing to choke the country. The situation became dire this week. Venezuela’s Orinoco Belt saw production plunge by 77 percent on Tuesday, falling from 764,100 bpd at the start of April to just 169,800 bpd on Tuesday, according to S&P Global Platts . The reason? There were a […]