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Friday, March 3, 2017

Venezuelan oil production may tumble 20% by the end of 2017


Venezuela’s oil production is poised for a significant decline in the months ahead—and that has nothing to do with its pledge to cut output as an OPEC member. As the country with the world’s largest proven oil reserves, Venezuela has the potential to influence the oil markets in a big way. “While Venezuela has a ton of oil underneath it, unfortunately for them, they have one of the highest costs [a] barrel to lift and process it,” among the Organization of the Petroleum Exporting members, said Tyler Richey co-editor of The Sevens Report. Venezuela’s proved oil reserves was estimated at 300.9 billion barrels at the end of 2015, according to BP’s BP, -0.32%  Statistical Revenue of World Energy June 2016. That’s below Saudi Arabia’s 266.6 billion and much less than the U.S.’s 55 billion. More…

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