situation report

Apr 11, 2019 | 19:28 GMT

1 min read

Venezuela: Crude Oil Production Plummets to 732,000 Barrels per Day in March

What Happened: Venezuela's crude oil production in March fell roughly 300,000 barrels per day from February to an average of just 732,000 barrels per day, according to an April 10 report by OPEC.

Why It Matters: Venezuela's most recent oil production data shows a steep decline in output that will only worsen as international sanctions continue to tighten and the country faces more frequent blackouts.

Background: The United States introduced sanctions against state-owned energy firm Petroleos de Venezuela in January to increase pressure against the Venezuelan government of President Nicolas Maduro.

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