• 3 minutes Will Variants and Ill-Health Continue to Plague Economic Outlooks?
  • 6 minutes Forecasts for Natural Gas
  • 14 minutes NordStream2
  • 15 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 14 hours Communist China Declared War on the US Long Ago Part 1 of the 2-part series: The CCP's War on America
  • 1 hour China's aggression is changing the nature of sovereignty.
  • 16 hours Delta variant in European Union
  • 3 days Ukrainian Maidan after 8 years
  • 23 hours President Biden’s Nuclear Option Against OPEC+ - Waste of Time
  • 4 days OPEC+ Expects Large Oil Glut In Early 2022
  • 2 days Сryptocurrency predictions
  • 4 days CO2 Electrolysis to CO (Carbon Monoxide) and then to Graphite
  • 4 days Microbes can provide sustainable hydrocarbons for the petrochemical industry
  • 4 days Hunter Biden Helped China Gain Control of Cobalt Mines in Africa
Florida Startup Offers Solution To Decades-Old Pipeline Puzzle

Florida Startup Offers Solution To Decades-Old Pipeline Puzzle

Florida-based company Trans Caspian Resources…

U.S. Shale Industry To Spend $83 Billion In 2022

U.S. Shale Industry To Spend $83 Billion In 2022

US shale expenditure is projected…

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 Output Drops To 28-Year Low In 2017

Venezuelan oil output dropped 13 percent in 2017, falling to a 28-year low, official figures released by the Organization of Petroleum Exporting Countries (OPEC) said on Thursday.

The Latin American country produced an average of 2.072 million barrels per day last year, compared to 2.373 million bpd in the year before, Reuters reports. The 300,000-bpd drop is the highest recorded amongst the OPEC nations, which agreed to collectively cut 1.2 million barrels per day of production.

Unlike Saudi Arabia or its allied Gulf nations, Venezuela’s production plummet was not voluntary. Caracas’ capital constraints make it difficult for the country to obtain the parts necessary to maintain its prized oilfields.

Lower figures from the latter half of 2017—after new U.S. sanctions kicked in and buyers started expressing their dissatisfaction with Venezuelan crude quality—likely dragged the annual production average down.

Oil production in Venezuela reportedly had jumped to nearly 1.9 million barrels per day earlier this week. If that figure is accurate, it suggests the Latin American nation’s output is on the road to recovery despite a lack of access to global credit markets.

Venezuela’s November production was 1.834 million bpd, according to OPEC secondary sources.

“The year 2018 will be one of recovery, after having touched a historic low. We are now near 1.9 million barrels of oil per day, thanks to the workers,” said Manuel Quevedo, oil minister and military general, speaking in a television interview, Reuters reported.

U.S. sanctions have also made it difficult for PDVSA to maintain its operations. The Trump administrations newest provisions prevent Citgo, the company’s U.S. subsidiary, from repatriating any earnings. They also make it impossible for Caracas to access American credit markets, which has prompted Maduro to seek deals with Russia and China to refinance crippling amounts of debt with payments looming several times a quarter.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | 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