Venezuela’s oil production plummeted to its lowest level since 2002 in December as its national oil company PDVSA suffers financial shortfalls, S&P Global Platts said Monday.
The Latin American country’s crude production fell 100,000 barrels a day last month to 1.7 million barrels a day, a level it hit back in late 2002, when thousands of oil industry workers went on strike for three months, according to Platts’ monthly survey.
OPEC’s crude output edged up by a net 50,000 barrels a day in December, led by Iraq and Nigeria, which each lifted production by 60,000 barrels.
Other nations within the Organization of Petroleum Exporting Countries, including Algeria, Angola, Iran and Libya, slightly increased production, while Saudi Arabia’s output lowered by 70,000 barrels a day.
Overall, the group pumped 32.4 million barrels a day last month, Platts said.
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