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PDVSA's oil production in December with conflicting oil output numbers



By Petroleumworld

Petroleumworld 01 15 2018

Venezuela's oil production has a discrepancy on the number of barrels it produce in December, Venezuela's oil minister and head of state oil firm PDVSA, Manuel Quevedo reported an increased to near 1.9 million barrels per day (bpd) after hitting a historic low last year, bt according to venezuelan analysts is more around 1.7 millions barrels (bpd).

Venezuela is facing an economic crisis, with millions suffering food and medicine shortages. Venezuela relies on oil for about 95 percent of export revenue though output has fallen significantly in recent years, according to Reuters.

Venezuela told OPEC it produced 1.834 million bpd in November, the lowest figure for the year so far.

December's oil production numbers are to be published by OPEC this week.

Analysts, however, expect the precipitous decline in output to continue, given the country's economic crisis.

The chaos with the social, political and economic crisis in Venezuela has a crumbling oil sector, tight and failing currency and price controls and an authoritarian regime doubling down on a decade and a half of wrong policies and inept management at PDVSA.

Story from Petroleumworld. 01 15 2017

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