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Venezuelan Crude Output Falls for Sixth Month, Deepening Crisis

  • PDVSA production fell 32% in June to 422,400 barrels a day
  • Steepest decline came from Orinoco belt, down 137,000 barrels
Oil tanks stand at a Petroleos de Venezuela SA (PDVSA) facility.

Photographer: Bloomberg

Updated on

Crude production in Venezuela tumbled for a sixth straight month in June, underscoring the dismal state of the nation’s oil industry as U.S. sanctions batter exports and the coronavirus pummels demand.

State-owned Petroleos de Venezuela SA reported a 32% decline in June output -- a reduction of almost 200,000 barrels a day compared with the previous month -- according to company and oil ministry documents seen by Bloomberg. As of June 28, production stood at 422,400 barrels a day.