Venezuela July 2018 oil production half of 2015 levels

Venezuela was producing oil at about 2.6 million barrels per day in 2015. OPEC estimates Venezuela produced 1.278 million barrels per day in July. This is down from 2.15 million barrels per day in 2016 and 1.91 million barrels per day in 2017. Analysts expect Venezuela’s oil production to fall to below 1 million bpd by the end of 2018. Venezuela has signed a US$430 million joint service agreement with seven companies that they hope will help them to increase its crude oil production by 641,000 barrels per day. Others have estimated it will cost about $10 billion per 100,000 barrels per day of production restoration. More…