Venezuela Could Lose A Lot More Oil Production

After defaulting on debt, Venezuela’s crisis continues to
unfold, threatening to worsen the state-owned oil company’s
production. PDVSA reportedly told employees that they needed to
carry out an austerity campaign, looking for ways to cut costs by
50 percent. The internal memo said that savings needed to be found
amid the “national economic emergency” while avoiding any hit to
the company’s oil production. Profits at PDVSA fell by 90 percent
in 2016 compared to the year before. But it is hard to see how the
company…

After defaulting on debt, Venezuela’s crisis continues to
unfold, threatening to worsen the state-owned oil company’s
production. PDVSA reportedly told employees that they needed to
carry out an austerity campaign, looking for ways to cut costs by
50 percent. The internal memo said that savings needed to be found
amid the “national economic emergency” while avoiding any hit to
the company’s oil production. Profits at PDVSA fell by 90 percent
in 2016 compared to the year before. But it is hard to see how the
company…