Oil production in Venezuela has dipped so low that the owner of the world’s largest reserves is importing crude for the first time in five years. The nation’s output fell below 1 million barrels a day to a 16-year low in March, amid rolling blackouts and US sanctions, Bloomberg reported. As the power disruption shut oil fields, pipelines and ports, bringing oil infrastructure to a halt, state-owned Petroleos de Venezuela SA bought a cargo of crude from fellow OPEC member Nigeria, marking the first oil import since 2014.
There was an old Soviet joke: what will happen if socialism is introduced in Sahara desert? Answer: first enthusiasm of people, then shortage and rationing of sand. Oil shortage in Venezuela shows that joke is very true.
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Oil production in Venezuela has dipped so low that the owner of the world’s largest reserves is importing crude for the first time in five years.
The nation’s output fell below 1 million barrels a day to a 16-year low in March, amid rolling blackouts and US sanctions, Bloomberg reported.
As the power disruption shut oil fields, pipelines and ports, bringing oil infrastructure to a halt, state-owned Petroleos de Venezuela SA bought a cargo of crude from fellow OPEC member Nigeria, marking the first oil import since 2014.
There was an old Soviet joke: what will happen if socialism is introduced in Sahara desert? Answer: first enthusiasm of people, then shortage and rationing of sand. Oil shortage in Venezuela shows that joke is very true.