• 4 minutes Nord Stream 2 Halt Possible Over Navalny Poisoning
  • 8 minutes America Could Go Fully Electric Right Now
  • 11 minutes JP Morgan says investors should prepare for rising odds of Trump win
  • 2 days Permian in for Prosperous and Bright Future
  • 19 hours Daniel Yergin Book is a Reality Check on Energy
  • 2 days YPF to redeploy rigs in Vaca Muerta on export potential
  • 2 days Gepthermal fracking: how to confuse a greenie
  • 1 day Famine, Economic Collapse of China on the Horizon?
  • 1 day Oil giants partner with environmental group to track Permian Basin's methane emissions
  • 2 days US after 4 more years of Trump?
  • 2 days Top HHS official takes leave of absence after Facebook rant about CDC conspiracies
  • 27 mins Something wicked this way comes
  • 2 days The Perfect Solution To Remove Conflict Problems In The South China East Asia Sea
  • 19 hours Open letter from Politico about US-russian relations
  • 3 days Surviving without coal is a challenge!!
  • 4 days Portuguese government confirms world record solar price of $0.01316/kWh

How Much Further Can Venezuela’s Oil Production Fall?

Ambivalent is the word that best describes the condition Venezuelan President Nicolás Maduro has found himself in. From a formal point of view, his January 10 reinauguration went along smoothly and oil production, the backbone of Venezuelan economy, has managed to bounce back somewhat from the trough it has found itself this autumn. Yet if you look closely, navigating through 2019 might turn out to be even more difficult for the Bolivarian leader than surviving the arduous year of 2018. International pressure is mounting, including Caribbean countries that thusfar have been either supportive or neutral towards the Venezuelan political leadership, all the while PDVSA still struggles to become a „normal” national oil company.

But first let’s talk a bit about Venezuela’s success stories. After the steady declines in oil output witnessed in the first half of 2018, plummeting from 1.65 mbpd in January to 1.25 mbpd, production has stabilized somewhat around 1.15mbpd mark. PDVSA attributes this to the improved functioning of the three upgraders operating in the country, used for creating synthetic export grades out of the bitumenous 8-10° API crudes that the Orinoco Belt yields. The now-working crude upgraders are inevitably linked to foreign oil majors – PetroMonagas is developed with Rosneft, PetroPiar with Chevron, PetroCedeno with Total and Equinor – as the fourth upgrader, fully owned by PDVSA, has been out of operation for…




Oilprice - The No. 1 Source for Oil & Energy News