Venezuela’s oil output hits new lows

Venezuela’s crude oil production has fallen by 60% since June 2016 leaving state oil company PDVSA unable to meet contracts for 1.5 million barrels per day, having only 694,000bpd available for shipments


Oil production (bpd, millions) 	Refineries – capacity	Inflation rate

2.5	
2.0	2.28	2.15	2.05
1.5				1.89	1.67
1.0						1.36
	800%			2,616%	24,570%		
	2016		2017		2018 May


Jan 2016: Oil price drops below $28 a barrel

Nov 2017: President Nicolas Maduro appoints Major General Manuel Quevedo to lead PDVSA

Caribbean Sea
Amuay 635,000bpd
Cardón 305,000bpd
Bajo Grande 16,000bpd
Maracaibo oil fields
Isla 335,000bpd
El Palito 146,000bpd
Caracas
Puerto José
Puerto La Cruz 187,000bpd
San Roque 5,200bpd
Orinoco heavy oil belt
VENEZUELA
COLOMBIA
BRAZIL
GUYANA

200 miles 320km



Sources: PDVSA, Reuters, S&P Global Platts, Stratfor
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