Venezuelan Oil Output Drops To Lowest In 28 Years

Venezuela’s oil output dropped to its lowest in 28 years last
month, according to new data released by OPEC on Monday. The
oil-dependent economy produced only 1.863 million barrels of oil
per day in October according to OPEC’s secondary sources, likely
due to costs related to replace damaged equipment and other
financial restrictions.  Self-reported production came in
slightly higher at 1.955 million bpd. Caracas is currently in talks
with creditors to discuss the future of massive debt payments that
are getting more and more difficult…

Venezuela’s oil output dropped to its lowest in 28 years last
month, according to new data released by OPEC on Monday. The
oil-dependent economy produced only 1.863 million barrels of oil
per day in October according to OPEC’s secondary sources, likely
due to costs related to replace damaged equipment and other
financial restrictions.  Self-reported production came in
slightly higher at 1.955 million bpd. Caracas is currently in talks
with creditors to discuss the future of massive debt payments that
are getting more and more difficult…