Venezuela Crude Rebounds

Venezuela’s oil production has increased to near 1.9 million barrels per day after hitting a historic low last year, according to Manuel Quevedo, oil minister and head of state oil firm PDVSA, who vowed 2018 will see output rise to more than 2.4 million bpd. The OPEC country is facing an economic crisis, with millions suffering food and medicine shortages. Venezuela relies on oil for about 95% of export revenue though output has fallen significantly in recent years, Reuters reported. “The year 2018 will be one of recovery, after having touched a historic low. We are now near 1.9 million barrels of oil per day, thanks to the workers,” said Quevedo, a military general, speaking in a television interview. More…