Venezuela oil production close to zero
Venezuela—one of the world’s earliest and (at one time) largest oil producers, as well as a founding member of OPEC—could soon be producing close to zero barrels of oil, according to a new analysis by IHS Markit.
OGJ editors
Aug 13th, 2020
Venezuela—one of the world’s earliest and (at one time) largest oil producers, as well as a founding member of OPEC—could soon be producing close to zero barrels of oil, according to a new analysis by IHS Markit.
Venezuelan crude oil production is currently 100,000-200,000 b/d and falling. Production was around 650,000 b/d just a year ago and had been as high as 2 million b/d as recently as 2017. It is now conceivable that the country could soon be producing zero barrels, or very close to it.
