• 5 minutes 'No - Deal Brexit' vs 'Operation Fear' Globalist Pushback ... Impact to World Economies and Oil
  • 8 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 12 minutes Will Uncle Sam Step Up and Cut Production
  • 4 hours Danish Royal Palace ‘Surprised’ By Trump Canceling Trip
  • 5 hours Recession Jitters Are Rising. Is There Reason To Worry?
  • 1 min A legitimate Request: France Wants Progress In Ukraine Before Russia Returns To G7
  • 5 hours China has invested btw $30 - $40 Billon in Canadian Oil Sands. Trump should put 10% tariffs on all Chinese oil exported into or thru U.S. in which Chinese companies have invested .
  • 31 mins Used Thin Film Solar Panels at 15 Cents per Watt
  • 12 hours US Shale Economic Impact: GDP gain realized in shale boom’s first 10 years
  • 18 hours It's Not the Job of the Government to Dictate Where Businesses Should Go
  • 3 hours IS ANOTHER MIDDLE EAST WAR REQUIRED TO BOLSTER THE OIL PRICE
  • 18 hours Offshore subsea sub 50$/bbl : Rystad Energy: High stakes in store for subsea markets if oil falls to $50/bbl
  • 12 hours Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 15 hours Philadelphia Energy Solutions seeks to permanently shut oil refinery - sources
  • 16 hours Tit For Tat: China Strikes Back In Trade Dispute With U.S. With New Tariffs
  • 11 hours Domino Effect: Rashida Tlaib Rejects Israel's Offer For 'Humanitarian' Visit To West Bank
  • 10 hours NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
U.S. To “Drown The World” In Oil

U.S. To “Drown The World” In Oil

New U.S. oil production is…

Venezuela’s Oil Production Falls Further, No Turnaround In Sight

Maduro PDVSA

The doom and gloom forecasts for Venezuela’s oil production are about to get a bit gloomier. And since 95% of Venezuela’s export revenues come from oil, as things get more abysmal for its oil industry, things get more abysmal for the country as a whole.

In today’s Monthly Oil Market Report published by OPEC, according to secondary sources, Venezuela’s production fell by 55,000 barrels per day in March, to 1.488 million bpd. According to the report, Venezuela’s self-reported production fell by a greater amount—77,000 bpd, from 1.586 million bpd in February to 1.509 million bpd in March. Depending on which source information one uses (secondary source vs. direction communication), Venezuela’s production has decreased oil production between 100,000 and 200,000 barrels per day.

This drop in production¬ from the troubled Latin nation—even though it was not just expected but a near certainty—is bound to support higher oil prices, even as the United States continues to offset much of that production, increasing its own production from 10.3 million bpd in the beginning of March to 10.525 million bpd in the beginning of April.

Analyst consensus is that Venezuela is unlikely to pull out of this tailspin. In fact, Venezuela’s position is likely to worsen, with Venezuelan refineries expected to close as crude shortages and underinvestment continue to bite, according to S&P Global Platts.

Related: The Oil Eating Bacteria That Can Clean Up Crude Spills

Venezuela’s production slide has made it the single most compliant OPEC member, at 248%, according to S&P Global Platts figures, who is one of OPEC’s secondary sources for supply data.

On paper, Venezuela boasts proven reserves of 301 billion barrels, although that figure arguably contains oil that cannot reasonably be extracted, and much of it is of a heavy variety that requires finagling with diluents to pump and move through pipelines. But how much oil Venezuela truly has and how much of it is extractable is moot—at least for now—while the country flounders with starving people, a corrupt regime, and failing infrastructure.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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