Venezuela’s oil production took another hit in recent days, as the country struggles with brimming storage tanks and no buyers. PDVSA slashed output in the Orinoco Belt to just 200,000 bpd, according to Bloomberg , after averaging roughly double that for much of this year. The lack of space in storage forced production cuts, including at joint venture projects, where output has been more stable. Sources told Bloomberg that the Sinovensa blending facility would be idled for at least a week. Venezuela’s oil sector has been in a downward spiral for several years, with the losses accelerating dramatically after the U.S. introduced crippling sanctions at the start of 2019. Production fell by more than half from 1.6 million barrels per day (mb/d) in 2018 to a little more than 750,000 bpd in July. Output had held up in recent months, and President Nicolas Maduro seemed to survive the onslaught […]