Venezuelan Oil Sector Continues Slump Amid Pandemic, US Sanctions

The Maduro government is working to repair refineries with Chinese and
Iranian assistance to tackle fuel shortages.

Mérida, May 13, 2020 (venezuelanalysis.com) - Venezuela’s crude
production has fallen for a second consecutive month as the COVID-19
virus batters global markets.

Newly released figures from the Organization of the Petroleum Exporting Countries (OPEC) placed the country’s April output at 637,000 barrels
per day (bpd), down 38,000 bpd with respect to March, according to
secondary sources.

The production reported directly by state oil company PDVSA shows the
opposite trend, with April’s output at 737,000 bpd, slightly up from
718,000 in March.

The Caribbean country’s oil output has declined steeply from averages of 1.911 million and 1.354 million bpd in 2017 and 2018, respectively,
following the imposition of crippling US financial sanctions in August 2017.

https://venezuelanalysis.com/news/14874

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