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OpEdNews Op Eds    H3'ed 7/24/20

Venezuela's Oil Production Plunges as US Issues New Threats

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Special Envoy Elliott Abrams threatened to "go after" shipping companies that continue to transport Venezuelan crude.

Elliott Abrams
Elliott Abrams
(Image by (From Wikimedia) U.S. Department of State, Author: U.S. Department of State)
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Venezuela's oil output fell to its lowest level in decades in the month of June.

The latest OPEC monthly report places the Caribbean country's production at 356,000 barrels per day (bpd), down from 555,000 bpd in May, according to secondary sources.

The numbers reported directly by state oil company PDVSA stand slightly higher, at 393,000 bpd, down from 573,000 bpd in May.

Venezuela's crude production has declined steeply from averages of 1.911 million bpd in 2017 and 1.354 million bpd in 2018, following the imposition of US financial sanctions against PDVSA in August 2017.

Last year, the country was further hit with an embargo and a blanket ban on all dealings with Venezuelan state entities. After falling for much of the year, production stabilized in the last quarter to bring the 2019 average to 796,000 bpd.

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