Is the Venezuelan oil industry “falling apart”?
Strong language but a view that some analysts think is correct, including commentator Luis Oliveros. If true, this could be of intense interest to us here in Trinidad and Tobago, since there are strong links between the industries in both countries.
Certainly, oil production in our southern neighbour has been declining rapidly.
In four years, between December 2013 and November 2017, Venezuela lost 1,057,000 barrels a day (b/d) of crude output, which slumped from 2,894,000 b/d to 1,837,000 b/d, according to the Organisation of Petroleum Exporting Countries (OPEC), of which it was a founding member in 1960. The grim prediction is that it could lose another 250,000 b/d in 2018 at the current rate.