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Venezuelan Oil Production Hits 28-Year Low

Oil

Venezuela’s crude output in October stood at 1.96M b/d, 6.7% or 130K b/d lower m-o-m and 20% or 413K b/d y-o-y, and the lowest production level in 28 years, Reuters reports. Venezuela depends on oil for more than 95% of hard currency export revenues, and the record-low output comes at a time when the country is deep into recession and is struggling to pay its foreign debt and secure basic goods for its population. On Monday, the government opened talks with creditors to renegotiate its debt which includes bonds of state-owned oil and natural gas company PDVSA.