Oil production in Venezuela falls to 16 years low

Baku. 10 January. REPORT.AZ/ Oil production in Venezuela in December 2017 was 1.7 million barrels per day which is the lowest since 2002.

Report informs S&P Global Platts said, the reason is shortage of funds in Petroleos de Venezuela SA" (PDVSA) state oil company.

According to the Houston Chronicle, the best-selling daily newspaper in the US state of Texas the fall in production is likely to continue.

"Venezuela does not attract attention from Iran, Libya or Nigeria, but it will be a constant risk in 2018," believes Anne-Louise Hitt, the chief analyst at research firm Wood Mackenzie.

"The collapse of the Venezuelan oil industry is taking place right before our very eyes," said Neil Atkinson, head of the oil and gas industry department of the IEA.

We do not rule out the possibility that in 2018 we will witness a large-scale fall in Venezuela, and this will radically change the situation with the balance in the oil market”.

Notably, oil production in the country in October was 1.955 million barrels/day. In other words, during 2 months the production has dropped by 255,000 barrels or 13%.