Venezuela's PDVSA sees 2017 oil output stuck near historic lows

Venezuelan state energy company PDVSA projects oil production will remain near 23-year lows in 2017, an internal document shows, suggesting more hardship ahead for the crisis-wrought OPEC member country.Cash-squeezed PDVSA, which accounts for nearly all of Venezuela's export revenues and is the socialist government's financial motor, saw production tumble by nearly 10 percent in 2016 due to an unraveling economy and low oil prices. The company's weak finances are causing operational disruptions, and are both affected by and contributing to Venezuela's economic downturn. Three years of recession and soaring prices have pummeled Venezuelans, with many skipping meals and lootings of supermarkets commonplace. More…