Venezuela: It's Only Getting Worse

Oil production 

·      Venezuela's oil production, according to secondary sources, stands at 1.987 million b/d.

·      With inflation rising and economic turmoil continuing, we expect Venezuela's oil production to decline another 300k b/d this year.

·      Lower oil prices will continue to hamper high cost oil production globally, and our obsession over how much high cost production will decline is our main bullish long oil thesis. More…