As Venezuela's energy sector struggles to pump enough crude
oil to meet the country's OPEC output target, rival producers have started to
plug the gap, according to OPEC and industry sources and US government data. The
South American country's oil output hit a 28-year low in October as state-owned
oil giant PDVSA struggled to find the funds to drill wells, maintain oilfields
and keep pipelines and ports working. Venezuela's oil production, which has
been falling by about 20,000 barrels per day (bpd) a month since last year, is
on track to fall by at least 250,000 bpd in 2017, according to numbers reported
to the Organization of the Petroleum Exporting Countries (OPEC), as US
sanctions and a lack of capital hobble operations. More…
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