• 4 minutes England Running Out of Water?
  • 7 minutes Trump to Make Allies Pay More to Host US Bases
  • 10 minutes U.S. Shale Output may Start Dropping Next Year
  • 14 minutes Washington Eyes Crackdown On OPEC
  • 2 hours One Last Warning For The U.S. Shale Patch
  • 9 hours Once Upon A Time... North Korea Abruptly Withdraws Staff From Liaison Office
  • 10 hours Oil Slips Further From 2019 Highs On Trade Worries
  • 1 hour Modular Nuclear Reactors
  • 1 day Chile Tests Floating Solar Farm
  • 10 hours Poll: Will Renewables Save the World?
  • 3 hours Climate change's fingerprints are on U.S. Midwest floods
  • 5 hours Read: OPEC THREATENED TO KILL US SHALE
  • 2 days China's E-Buses Killing Diesel Demand
  • 2 days China's Expansion: Italy Leads Europe Into China’s Embrace
  • 2 days Trump Tariffs On China Working
  • 2 days Biomass, Ethanol No Longer Green
  • 1 day US-backed coup in Venezuela not so smooth
  • 2 days New Rebate For EVs in Canada
Alt Text

Oil Price Rally Hits Resistance

Oil prices are holding their…

Alt Text

Flurry Of Bearish News Sends Oil Lower

Renewed demand concerns are spooking…

Irina Slav

Irina Slav

Irina is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing on the oil and gas industry.

More Info

Trending Discussions

Maduro Says Oil Output Will Rise By 1 Million Bpd

Venezuela’s president Nicolas Maduro has declared that the country will increase its crude oil production by 1 million bpd along with production increases in other commodity sectors, TASS reports, quoting Maduro who spoke to a Lebanese television channel.

"We are using difficulties that resulted from sanctions to create a modern, self-sustainable economy, and call upon investors from Arabic and Islamic countries to invest their money into developing the oil and gas industry," Maduro said, adding Venezuela will also triple its gold production as well as the production of other metals.

The South American country that is home to the world’s largest crude oil reserves is currently in a split-personality state, with the president of the National Assembly—dominated by the opposition—declaring himself interim president on constitutional grounds and calling for new elections. Juan Guaido also formed a new, interim, government, so Venezuela currently has two presidents and two governments.

Most South American countries along with the United States, Canada and most of the European Union have recognized Guaido as the legitimate head of the Venezuelan state but Maduro does not seem to be willing to cede power without a major fight. Many believe the key to a regime change in Venezuela is the military but for the time being, the army seems to remain loyal to the Maduro government.

All this, accelerated by the latest round of U.S. sanctions against Venezuela’s state oil company PDVSA, have further aggravated the already grave situation of the country’s oil industry. A Wood Mackenzie analyst earlier this month forecast Venezuela’s oil production could drop to 900,000 bpd, from about 1.2 million bpd currently. The U.S. State Department, on the other hand, expects it to fall to as little as half a million barrels daily by the end of the year under the pressure of sanctions.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment
  • Brandon Johnson on February 14 2019 said:
    Meanwhile on this planet...
  • Lee Bailey on February 15 2019 said:
    How many times has he said the same since oil production was 1million higher than it is now, well the opposite of what maduro said is what happened. The same will happen now. Time for Maduro and his cronies to face justice. What's the point in interpol existing and having salaried employeea if they cannot go in and arrest these the worst sort of murderous, corrupt, drug lord, slave driver mafia parasite "government"?

Leave a comment




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