Venezuela oil production close to zero

RIGZONE | Venezuela could soon be producing close to zero barrels of oil, a new analysis by IHS Markit has revealed.

The country’s crude oil production is currently between around 100,000 to 200,000 barrels per day (bpd) and falling, according to the company, which highlighted that Venezuela’s output was around 650,000 bpd a year ago and had been as high as two million barrels per day back in 2017.

IHS Markit noted that Venezuela’s production fall is the product of decades of decline and decay but has been exacerbated more recently by the Covid-19 induced oil price collapse of 2020, U.S. sanctions and limited domestic oil storage.

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