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Venezuela’s Oil Production Plunges to Lowest Level Since 1945

  • State oil company PDVSA shuts crude as storage tanks fill up
  • Comes after U.S. sanctions stymie the country’s crude exports
An empty Petroleos de Venezuela SA gas station in Caracas, Venezuela, on June 1. J
An empty Petroleos de Venezuela SA gas station in Caracas, Venezuela, on June 1. JPhotographer: Carlos Becerra/Bloomberg
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Oil production in Venezuela, the country with the world’s largest reserves of crude, has fallen to a 75-year low with U.S. sanctions continuing to cripple the country’s exports.

Venezuela’s state-run oil company Petroleos de Venezuela SA lowered its production estimates to 374,000 barrels a day as of Wednesday, according to a document seen by Bloomberg, a level not seen since 1945. Its slide is a result of U.S. sanctions that have scared most of the world’s oil buyers away from Venezuelan crude, resulting in a storage glut that forced it to shut fields across the nation.