Venezuela Slashes Its Oil Production Target, Abandoning Maduro’s Ambitions
- PDVSA cuts 2021 target by one-third to 1 million barrels a day
- Output crippled by corruption, lack of investment, sanctions
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Venezuela’s state oil company slashed its output target by one-third as years of corruption, brain drain and inadequate investment crippled the nation’s energy infrastructure.
PDVSA cut its daily production target to 1 million barrels from a 1.5-million-barrel goal announced in January, according to a company document seen by Bloomberg News and a person with direct knowledge of the plans. In the Orinoco River basin that produces most of the country’s crude, PDVSA lowered its goal to 650,000 barrels from almost 1 million previously.