(Energy Analytics Institute, Piero Stewart, 15.Jan.2019) â Oil production in the OPEC country has decreased 58% during the tenure of Venezuelaâs President NicolĂĄs Maduro to 1.137 million barrels per day (MMb/d), which is equivalent to the countryâs production in 1947.
The fall is of the exact percentage magnitude as that of the economic fall during the same time, announced EnergyNomics President Carlos Rossi in an emailed report to clients. In recent months, the rate of decline in production has accelerated, he added.
The reasons for both, explained in the report, include a combination of the countryâs ill-fated oil model as well as the economic model, which combined have destroyed legal security and investor confidence, according to Rossi.
***
© Energy Analytics Institute (EAI)
