Vietnam Oil & Gas Group, or Petrovietnam, has suspended production of crude oil at a block in Venezuela, citing a tough economic conditions. “Basically, we are just slowing things down, and we haven’t decided to withdraw from the project yet,” said Pham Ngoc Khue, head of the investment and development division of PVEP, the Petrovietnam unit that jointly operates the Junin-2 block in Venezuela’s Orinoco belt with Petróleos de Venezuela SA. “The investment environment there is not suitable for us right now—and even for several other foreign investors,” Mr. Khue said Tuesday. PVEP previously said the project started producing oil in October 2012, with an initial target of 200,000 barrels of crude a day by 2016. The block is Petrovietnam’s only operation in Venezuela. A Petrovietnam official said on condition of anonymity that skyrocketing inflation in Venezuela makes the cost of doing business there too high. Consumer prices in […]