Venezuela has set up a commission that will be working to
reshuffle and reorganize its state oil firm PDVSA in the next few months,
according to the country’s Official Gazette on Thursday, in what would be the
latest Venezuelan attempt to show that it is trying to revitalize its dying oil
industry. According to OPEC’s secondary sources, Venezuela’s oil production in
July dropped to below the 1.3-million-bpd mark—at 1.278 million bpd, plunging
47,700 bpd from June. This compares with an average of 2.154 million bpd in
2016, and an average of 1.911 million bpd in 2017. Some analysts expect
Venezuela’s production to fall to below 1 million bpd by the end of this year. Venezuela
has been claiming lately that it plans to raise its oil production. More… 
Friday, September 7, 2018
Venezuela Wants To Overhaul State Oil Firm PDVSA
Venezuela has set up a commission that will be working to
reshuffle and reorganize its state oil firm PDVSA in the next few months,
according to the country’s Official Gazette on Thursday, in what would be the
latest Venezuelan attempt to show that it is trying to revitalize its dying oil
industry. According to OPEC’s secondary sources, Venezuela’s oil production in
July dropped to below the 1.3-million-bpd mark—at 1.278 million bpd, plunging
47,700 bpd from June. This compares with an average of 2.154 million bpd in
2016, and an average of 1.911 million bpd in 2017. Some analysts expect
Venezuela’s production to fall to below 1 million bpd by the end of this year. Venezuela
has been claiming lately that it plans to raise its oil production. More… 
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