Oil production in Venezuela has fallen to 15-year low

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Нефтедобыча в Венесуэла обвалилась до 15-летнего минимума

According to S&P Global Platts, oil production in Venezuela in December of last year was 1.7 million barrels per day, which is the lowest rate since 2002. Meanwhile, back in the summer of 2014, when oil prices exceeded $ 100 per barrel, Venezuela was producing 2.3 million barrels per day.

Oil production in this country has been declining for quite a long time. According to experts, this process will continue in the future, as Venezuelan state oil Corporation Petroleos de Venezuela SA (PDVSA) faces an acute shortage of funds, as well as its torn apart by corruption scandals. Besides, the oil industry of this country literally crippled the oil crisis that happened in 2014 – as a result, oil prices fell below $ 30 per barrel by the end of the same year.

“Venezuela does not attract so much attention as Iran, Libya or Nigeria, but it will be a constant risk in 2018”, – said the chief analyst at research firm Wood Mackenzie’s Ann-Louise HITT.

At the end of last year, the International energy Agency (IEA) predicted that Venezuelan oil production will continue to decline, “nerviruya” the oil market in 2018.

“The collapse of the oil industry of Venezuela’s happening right before our eyes, – said the head of oil industry and markets IEA Neil Atkinson, in whose opinion” does not exclude the possibility that in 2018 we will witness a massive drop (oil — ed.) in Venezuela, and this will radically change the situation with the balance in the oil market”.

In October 2017, oil production in Venezuela, which is one of the largest reserves of “black gold” in the world amounted to 1,955 million barrels a day, according to JODI.

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