Oil Rig Count Soars in Unlikely OPEC Nation Before Vienna Talks
- Venezuela trying to boost heavy oil output, maintain exports
- Rig counts climb as activity falls across Latin America
OPEC Curbs Met With Global Conditions by Saudis
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All across the Americas, drilling rigs are being idled as oil prices hover near six-year lows. In Colombia, more than 57 percent have been pulled; in Mexico, 42 percent.
Then there’s Venezuela. Starved for hard currency needed to ease a crushing recession and struggling to shore up slumping output, the state oil giant known as PDVSA has been adding rigs at a furious pace to search for new sources of crude.