Venezuela's crude sales to the U.S. fell below 600,000 bpd in 2017

Venezuela’s crude oil sales to the United States fell for a second month in a row in December, knocking the year’s average to 593,047 barrels per day (bpd), the lowest annual level since 1991, according to Thomson Reuters trade flows data. A severe production drop in the South American country has hurt its oil exports and domestic refining, and worsened an economic recession now entering into its fifth year. Venezuela’s state-run oil company PDVSA is mired in a widespread corruption investigation that has stalled decision making. More…