Economics
Venezuela’s Oil Production Fell to 13-Year Low in June, IEA Says
- Annual output seen losing 200,000 b/d, double earlier forecast
- Oil industry has been hurt by power shortages, economic crisis
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Venezuelan crude production fell to a 13-year low last month as an economic crisis weighed on the OPEC member’s oil industry, the International Energy Agency said.
Output sank to 2.18 million barrels a day, down 240,000 barrels a day from a year earlier and the lowest since February 2003 when an oil workers’ strike trimmed volumes. The drop in production is set to continue, with the IEA forecasting an annual slump of 200,000 barrels a day, double the decline it predicted last month.