• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 23 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days The United States produced more crude oil than any nation, at any time.
  • 7 days e-truck insanity
  • 3 days How Far Have We Really Gotten With Alternative Energy
  • 6 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 5 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 6 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 7 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 7 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 10 days Bankruptcy in the Industry
Russia’s Crude Is Trading at $15 Above the Price Cap

Russia’s Crude Is Trading at $15 Above the Price Cap

Russia’s flagship crude grade is…

Brent Could Climb to $95 as Bullish Sentiment Builds

Brent Could Climb to $95 as Bullish Sentiment Builds

In an increasingly bullish oil…

Oil Ticks Lower on EIA Inventory Report

Oil Ticks Lower on EIA Inventory Report

Crude oil prices moved lower…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Venezuela’s PDVSA Faces Mass Exodus Of Workforce

Maduro PDVSA

PDVSA, Venezuela’s state-oil company, is losing workers by the thousands, with as many as 10,000 leaving the company in just one week of January, media report, citing protests against low wages and the growing risk of accidents due to lack of equipment maintenance. The situation, according to Univision, has escalated to such an extent that PDVSA’s board of directors has stopped accepting letters of resignation.

Venezuela’s main source of revenues, PDVSA, today produces around 1.6 million barrels of crude daily, the lowest in 30 years and down from 3.8 million bpd back in 1999 when Hugo Chavez came into power. Now, pressured by a deteriorating economy and sanctions, the oil company has no means to maintain its equipment and production, and it can’t hold on to its workforce.

As of August 2016, there were 143,000 people working for PDVSA. That figure has dwindled significantly, with the 10,000-weekly exodus representing 7 percent of the August 2016 figure. A regional oil and gas trade union leader told Univision that the workers no longer cared about receiving a severance package when they quit, as their salaries have become chump change amid inflation that has soared to ridiculous heights.

One Venezuelan oil analyst noted that this is the first exodus of such proportions, not just in Venezuela but in the history of the oil industry. What’s perhaps worse than the scale of the problem is the qualification of those that are leaving, no longer just common laborers but engineers with years of experience. This will further harm PDVSA, which is already struggling. Related: Shale Industry May Finally See Some Profits

In late January, Venezuela’s oil minister said that it could “can easily manage” an oil production increase of 1 million bpd this year to lift its production capacity to 2.472 million bpd. But last year the country sitting on the world’s largest oil reserves saw its crude oil production drop by 649,000 bpd—a 29-percent annual plunge—and probably the worst loss of oil production in a single year in recent history.

Now that PDVSA workers are leaving in droves, if we are to believe the media reports, the production increase Manuel Quevedo told S&P Platts about looks increasingly unlikely.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News