Sunday , April 2 2023

Venezuelan oil production crash accelerates after dark NTN24


Venezuelan recession has created a threat to accelerate the decline in oil production in the US embargo, which is the loss of its main market, analysts say.

According to the AFP news agency, the massive power of the horizon at 7 March, the pump was freezing, and the PDVSA state-owned oil company was generally withdrawn from the financial markets by US sanctions. The emergency was resolved on Monday.

Additionally, since April 28, American citizens and companies are prohibited from negotiating Venezuelan crude oil. This country accounts for 96% of the country's largest gold reserves.

Despite the sharp decline in sales, the US government is pushing Nicolas Maduro's strategy of economic downturn as they account for 75% of the PDVSA cash flow.

Maduro says Venezuela's sanctions against Vienna have diminished diplomatic relations with Venezuela, and has been valued at $ 30,000 million.

Recently, the recession has severely damaged the industry. "Even in the dark, there was not even a barrel … This is just the beginning of a major deterioration cycle," said AFP Oil Expert Louis Vivereos.

Venezuelan crude oil production last February, according to secondary sources of the Organization of Petroleum Exporting Countries (OPEC), reached an average of 142,000 barrels per day, more than a million barrels per day.

Ten years ago, exports reached 3.2 million barrels.

This may be reduced to 500,000 barrels this week after the damage caused by the dark, according to Barclays, a London-based financial services firm, adviser Ecoanalítica's economist Asdubal Oliver.

PDVSA did not recommend the balance of power shortage. At the time of the abortions, he stated that he had fulfilled the supply of domestic gasoline only when long lines were generated at service stations.

"We did not stop operations, they do not stop," the company says.

On Thursday, the government of Maduro burnt down three tanks in the state of Anzacapui (northeast), which accused the United States of America and the opposition of "terrorist acts."

– Well falls –

Referring to Oliveros, rebuilding oil spots can be difficult, so long-term consequences.

"In some cases well damage is not refundable, and in others it is necessary to make strong investments for their re-use, which will be very difficult," he warns.

The number of active wells is sharply declining on the lack of investment in geological exploration and maintenance and on major incidents of corruption.

According to Baker Hughes, oil services provider, in the Caribbean in late February, there were 26 platforms, 47 years earlier. In February 2014, there were 74.

Maduro is linked to "cyber attacks" that produce 80 percent of the country's electricity against the Guri hydroelectric power station in Washington, DC, south of Bolivar.

Several experts do not accept this option and believe that the usual barriers to the past decade will have an impact on all economic sectors.

"The infrastructure of the country is getting worse," Oliveros warned.

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