US sanctions debilitate Venezuelan oil output

摘要

Venezuela's oil sector continues its precipitous collapse,stricken by US sanctions and mismanagement,which have reduced crude production to its lowest level since 2003-when several months of nationwide protests at Pdvsa,the state-owned oil company,wiped out almost a third ofproduction.US sanctions on Venezuela's energy sector are having a crippling effect.The US Energy Administration(EIA)has reported losses in overall Venezuelan production of around 400,000bl/d since the year began.In April,output averaged just 830,000bl/d according to the EIA,while Opec's Monthly Oil Report put the estimated production figure even lower at 768,000bl/d.Output has recovered slightly from March,when power outages across the country devastated the sector.Information provider S&P Global Platts calculated roughly 40,000bl/d returning to production in April,but many facilities remain damaged and further losses are expected.Power failures paralysed exports at Venezuela's main oil terminal Jose,while the Puerto la Cruz refinery in Anzo-ategui,already barely operating,was put out of commission.