(Energy Analytics Institute, Piero Stewart, 10.Aug.2018) – PDVSA President Manuel Quevedo assured that Venezuelan crude oil production had stabilized.
Quevedo, who also serves as Venezuela’s Petroleum Minister, said last week that “our production is approximately 1.5 million barrels a day for the first half of 2018.” Those remarks were made during a meeting in Caracas, and published in an official statement released by PDVSA, as the state oil entity is known.
Venezuela – reeling in political, economic and humanitarian crises and suffering from the world’s highest inflation – has seen its production of crude oil fall off a cliff amid a near complete collapse in support from foreign partners and an inability by PDVSA to generate sufficient cash flow and/or financing to engage in activities to stop further production declines.
To this end, Quevedo commented: Venezuela plans to implement plans to “reactivate dormant oil wells, mature fields and fields entered into a non-scheduled delayed production due to foreign logistics sabotage.”
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