Venezuela Oil output declines to 870,000 bpd in March: IEA
Commodity Online | April 11 2019
UPDATED 17:57:10 IST

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U.S. sanctions, political troubles and repeated power blackouts pushed Venezuela’s crude production to a long-term low of 870,000 barrels per day (bpd) in March, the International Energy Agency (IEA) said in its latest report, even lower than OPEC reported the day before.

“The blackouts are an additional challenge for Venezuela’s oil sector, already set back by economic collapse, corruption, mismanagement and - more recently - by U.S. sanctions,” the Paris-based IEA said in its monthly report, Reuters reported.

The IEA said the output decline of 270,000 bpd was Venezuela’s second largest month-on-month drop and put the country’s production at 600,000 bpd less than a year earlier.

Venezuela told the Organization of the Petroleum Exporting Countries that the nation pumped 960,000 bpd last month, a drop of almost 500,000 bpd from February, OPEC said on Wednesday.

 

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