Amid US sanctions and falling global demand, Venezuela’s crude production ended last week at around 670,000 bpd, the lowest level in five months.
An average of 364,930 bpd produced by the Orinoco oil belt, Venezuela’s largest producing region, so far in March. Some 420,340 barrels of extra-heavy crude produced by the projects there on Friday. Nearly 500,000 bpd produced by the region in January.
Output was at 150,000 barrels in the western Zulia region on Friday. Meanwhile, 100,000 barrels produced by the northeast oilfields in the country.
To cover the public budgets, Venezuela’s is struggling the most among the group of OPEC members amid very low oil prices. A price war between the world’s biggest producing nations after a failed attempt to curb output and falling demand due to the coronavirus outbreak are a combination of reasons behind the low oil prices.
