PDVSA reportedly told
employees that they needed to carry out an austerity campaign, looking for ways
to cut costs by 50 percent. The internal memo said that savings needed to be
found amid the “national economic emergency” while avoiding any hit to the
company’s oil production. Profits at PDVSA fell by 90 percent in 2016 compared
to the year before. But it is hard to see how the company can prevent a deeper
slide in output after slashing spending to such a degree. Bloomberg reported
that PDVSA is demanding financing plans from its joint venture partners, and
that any projects will be halted if they do not receive financing. More… 
Monday, November 27, 2017
Venezuela Could Lose A Lot More Oil Production
PDVSA reportedly told
employees that they needed to carry out an austerity campaign, looking for ways
to cut costs by 50 percent. The internal memo said that savings needed to be
found amid the “national economic emergency” while avoiding any hit to the
company’s oil production. Profits at PDVSA fell by 90 percent in 2016 compared
to the year before. But it is hard to see how the company can prevent a deeper
slide in output after slashing spending to such a degree. Bloomberg reported
that PDVSA is demanding financing plans from its joint venture partners, and
that any projects will be halted if they do not receive financing. More… 
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