Under Maduro, Venezuela Has Lost US$8 Billion Due to Collapse in State-Run Oil Production

Venezuela has lost at least US $8 billion since 2015 due to the falling oil production of PDVSA, the country’s state-owned oil company. In 2017 alone, production fell by more than 170,000 barrels per day. In December 2016, it fell to 2.27 million barrels per day and had hit 2.1 million barrels per day by August 2017. Reports from the Organization of Petroleum Exporting Countries (OPEC) shows that since 2015, PDVSA production has fallen by more than 500,000 barrels per day, and that the decline has impacted the country’s overall revenue. More…