The recent bump in oil prices isn’t enough to help Petroleos
de Venezuela SA as it faces its fourth consecutive year of declining
production. The company’s crude output is expected to fall this year as it
failed to raise cash for investments and after Venezuela agreed to cut 95,000
barrels a day for six months as part of a deal struck by the Organization of
Petroleum Exporting Countries and other non-members to lift oil prices,
analysts say. Even the recent increase in oil prices, following the cuts, aren’t
enough to ease the company’s financial burden, Lucas Aristizabal, a senior
director at Fitch Ratings, said. More…
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