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Venezuela’s oil production plunges as U.S. issues new threats

Christian Fernsby |
Venezuela’s oil output fell to its lowest level in decades in the month of June.

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Topics: VENEZUELA   

The latest OPEC monthly report places the Caribbean country’s production at 356,000 barrels per day (bpd), down from 555,000 bpd in May, according to secondary sources.

The numbers reported directly by state oil company PDVSA stand slightly higher, at 393,000 bpd, down from 573,000 bpd in May.

Marshall Islands Delos Voyager Shipping, Sanibel Shiptrade and Adamant Maritime, as well as Greece Romina Maritime, saw sanctions lifted after pledging to cease all dealings with Venezuela. Several other companies which were sanctioned or threatened for transporting Venezuelan crude in the past 12 months likewise vowed to cease dealings with Caracas.

U.S. Special Envoy for Venezuela Elliott Abrams confirmed that the policy is having its desired effects. “What you will see is most shipowners and insurance [companies] are simply going to turn away from Venezuela,” he told Reuters.

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