Venezuela Forced To Shut Down Production As Operations Fall Apart

[corbe]

Venezuela Forced To Shut Down Production As Operations Fall Apart

By Nick Cunningham - Jun 17, 2018, 12:00 PM CDT
 
Every week the crisis in Venezuela takes a turn for the worse.

There are now signs that its oil industry is entering a dangerous new phase. Argus Media reports that Venezuela has begun to “proactively shut in oil production to cope with nearly replete terminal storage, further accelerating an output decline and bringing the OPEC country closer to the psychological barrier of 1mn b/d.”

Venezuela’s oil production fell to an average of 1.392 million barrels per day in May, down another 42,000 bpd from a month earlier, according to OPEC’s secondary sources. However, with the crisis in Venezuela spiraling out of control at a horrific pace, the numbers from May might as well be a year ago.

The May numbers don’t reflect the full ramifications of having to deal with inadequate port capacity, after PDVSA diverted operations to Venezuela from its Caribbean island refineries and storage facilities following the attempt by ConocoPhillips to take control of them.

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https://oilprice.com/Energy/Crude-Oil/Venezuela-Forced-To-Shut-Down-Production-As-Operations-Fall-Apart.html

[dfwgator]

Venezuela - Doing their part to combat global warming

[thackney]

The cash cow continues to starve and the black milk flow continues to slow.

The cow may soon have some new owners.

US Warns China, Russia About Issuing New Debt for Venezuela
https://sputniknews.com/us/201805211064663010-usa-china-russia-venezuela-warning/

[Joe Wooten]

The cash cow continues to starve and the black milk flow continues to slow.

The cow may soon have some new owners.

US Warns China, Russia About Issuing New Debt for Venezuela
https://sputniknews.com/us/201805211064663010-usa-china-russia-venezuela-warning/

This could get interesting if the Chinese and Russians ever try to foreclose on the debt Maduro and his cronies owe them and can never pay off.

[Oceander]

This could get interesting if the Chinese and Russians ever try to foreclose on the debt Maduro and his cronies owe them and can never pay off.

I’m almost certain they will.  No doubt the “loans” were really seen as a disguised down payment, with full possession to come in due course.

[truth_seeker]

One argument in favor of communism, is the claim it hasn't been done, right.

Like East Germany, Cuba. N. Korea, Venezuela stands as another example of "doing it right."