• 3 minutes This Battery Uses Up CO2 to Create Energy
  • 5 minutes Shale Oil Fiasco
  • 9 minutes Don't sneeze. Coronavirus is a threat to oil markets and global economies
  • 12 minutes Historian Slams Greta. I Don't See Her in Beijing or Delhi.
  • 5 hours Governments that wasted massive windfalls
  • 24 mins Boris Johnson taken decision about 5G Huawei ban by delay (fait accompli method)
  • 2 hours Let’s take a Historical walk around the Rig
  • 16 hours Trump has changed into a World Leader
  • 5 hours We're freezing! Isn't it great? The carbon tax must be working!
  • 4 hours Here is Why People Lose Money Trading Natural Gas
  • 1 day Beijing Must Face Reality That Taiwan is Independent
  • 2 days Tesla Will ‘Disappear’ Or ‘Lose 80%’ Of Its Value
  • 2 hours US Shale: Technology
  • 7 hours 2nd Annual Great Oil Price Prediction Challenge of 2019
  • 13 hours Trump capitulated
  • 2 days Yesterday POLEXIT started (Poles do not want to leave EU, but Poland made the decisive step towards becoming dictatorship, in breach of accession treaty)

Breaking News:

Brazil Decides Against Joining OPEC

This Emerging Oil Hotspot Threatens The OPEC Deal

This Emerging Oil Hotspot Threatens The OPEC Deal

Guyana has exported its first…

Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

Venezuelan Oil Output Drops To Lowest In 28 Years

Venezuela

Venezuela’s oil output dropped to its lowest in 28 years last month, according to new data released by OPEC on Monday.

The oil-dependent economy produced only 1.863 million barrels of oil per day in October according to OPEC’s secondary sources, likely due to costs related to replace damaged equipment and other financial restrictions.  Self-reported production came in slightly higher at 1.955 million bpd.

Caracas is currently in talks with creditors to discuss the future of massive debt payments that are getting more and more difficult to meet. To make matters worse, PDVSA has been ravaged in recent days by arrests of 8 of its senior employees and managers for cooking the books, Reuters reported.

The corruption scandal has ended the careers of roughly 25 officials, emptying out the state-run energy company’s C-suite.

Venezuela depends on the oil trade to provide over 90 percent of its government revenues, which are then funneled into social welfare programs and imports of daily goods from foreign countries.

Maduro went on state TV last Thursday and said that he would seek a restructuring of Venezuela’s debt, but his phrasing caused some confusion. As Bloomberg reported on Friday, he switched between “refinancing,” which is a more benign form of negotiation with bondholders, and a “restructuring,” a more technical term that tends to be associated with a default and stiffing creditors.

However, he said it would be the last time it paid creditors in full, and moving forward Venezuela wanted some sort of debt relief. "But after this payment, starting today, I decree a refinancing and a restructuring of the external debt," Maduro said on TV. Again, the implications of this are unclear.

News from the creditors summit with Maduro, scheduled to take place today, has yet to emerge.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage


Leave a comment
  • Tom on November 14 2017 said:
    Oil exports will contract until Maduro is stiff and cold.

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play