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Venezuela Oil Output Slumps in First Quarter as Drilling Slows

  • Crude production down 188,000 barrels a day from 2015: IPD
  • Crude output forecast reduced for 2016 by 10 percent
Updated on

Venezuela’s oil production dropped across all regions in the first quarter for the first time since 2008, according to energy consultant IPD Latin America.

The country’s output totaled 2.59 million barrels a day in the first three months of the year, down 188,000 barrels from an average of 2.78 million in 2015, IPD said in an e-mailed statement. “For the first time since Q3 2008 oil production from all districts fell, including that of the Orinoco Oil Belt, where production had been on the rise since Q1 2009,” IPD said.