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Venezuela's crude oil production is about to fall to 1 million barrels per day, and various factors that emerge this month will determine whether it will reach that level
early next year or in a few months.
Lejla Villar, an analyst at the International Energy Agency (IEA) who sets monthly short-term energy outlook forecasts, said the IEA expects Venezuelan crude oil production to fall to 1 million barrels
per day in the second quarter of next year.
"However, I eagerly await to see how far Venezuela's actual crude oil production fell in June, which is likely to accelerate the decline in production until 2019, pushing up this timeline
," she said.
If the worst-case scenario for June production comes true, then we could see Venezuela's crude production fall to 1 million barrels
per day earlier.
”
The U.
S.
Energy Information Administration's latest monthly short-term energy outlook estimates Venezuela's crude oil production at 1.
43 million barrels per day in May, down from 1.
46 million barrels a month ago and down from 1.
98 million barrels
in May 2017.
The IEA set Venezuela's crude production at 1.
36 million barrels in May and expects it to fall to 800,000 barrels or even lower
next year.
Venezuela's crude oil production is about to fall to 1 million barrels per day, and various factors that emerge this month will determine whether it will reach that level
early next year or in a few months.
Lejla Villar, an analyst at the International Energy Agency (IEA) who sets monthly short-term energy outlook forecasts, said the IEA expects Venezuelan crude oil production to fall to 1 million barrels
per day in the second quarter of next year.
"However, I eagerly await to see how far Venezuela's actual crude oil production fell in June, which is likely to accelerate the decline in production until 2019, pushing up this timeline
," she said.
If the worst-case scenario for June production comes true, then we could see Venezuela's crude production fall to 1 million barrels
per day earlier.
”
The U.
S.
Energy Information Administration's latest monthly short-term energy outlook estimates Venezuela's crude oil production at 1.
43 million barrels per day in May, down from 1.
46 million barrels a month ago and down from 1.
98 million barrels
in May 2017.
The IEA set Venezuela's crude production at 1.
36 million barrels in May and expects it to fall to 800,000 barrels or even lower
next year.
