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- Venezuela’s oil production keeps slipping.
- Making matters worse, the countries’ debt is swallowing up its cash reserves.
- The trend is set to continue.
Venezuela’s oil production fell by another 52,000 bpd in February from a month earlier, according to OPEC’s secondary sources data.
That put Venezuela’s oil output at 1.548 mb/d for February, down 100,000 bpd since December and down 600,000 bpd from 2016. Output will almost certainly continue to head south for the foreseeable future.See the rest of the story at Business Insider
See Also:
- The shale boom is 100 million years in the making
- There’s a new oil-backed cryptocurrency
- The next US gas boom is being fueled by China
SEE ALSO: Apple’s stock drops as fears grow over iPhone X sales (AAPL, FB)
