#Venezuela #Caracas #economy #Collaps #Oil
Venezuela's economic situation worsened dramatically. The oil production of the Opec state is about to collapse. With that, the source of all the social benefits of the Maduro government are also drying up.
Venezuela's economic situation worsened dramatically. The oil production of the Opec state is about to collapse. With that, the source of all the social benefits of the Maduro government are also drying up.
Because according to a current market analysis by the renowned consultancy @IHSMarkit, the country with the largest oil reserves in the world currently produces almost nothing. A decline of historic proportions.
With reserves of over 300 billion barrels, the country is sitting on a larger amount of black gold than even Saudi Arabia. A quarter of the proven global oil reserves are located under the territory of the Caribbean state.
However, the production of the former world market leader has recently fallen back to the level of the Opec bottom group Equatorial Guinea and is on par with Libya, which was torn by civil war.
The state oil company @PDVSA is currently still pumping a maximum of 200,000 barrels (barrel with 159 liters) per day to the surface. IHS analysts estimate that it may only be 100,000 barrels. Three years ago it was around two million barrels.
The current trend, according to the IHS report: continues to fall sharply. After a US import ban and embargo, oil production had already fallen to 650,000 barrels per day by last year.
Now the global slump in prices and demand in the wake of the corona pandemic is doing the rest. According to Opec, oil exports have so far represented 99 percent of Venezuela's total export revenues.
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