Oil production plummets in Venezuela to 1940's levels

[GatoGordo]

AIE: Venezuela's oil production will fall to levels of the 40s
Mar 5, 2018 9:16 am

The extraction of oil in Venezuela will continue its fall until 2023, to levels of the 1940s, which will affect the growth of production in the OPEC countries, according to forecasts of the International Energy Agency (IEA), according to Bloomberg reports.

"For twenty years, since the late President Hugo Chávez came to power, oil extraction was reduced more than twice to the level of 1.6 million barrels per day, and by 2023 the level of production will be reduced by almost 700,000 barrels per day, which represents a significant drop in productivity," says the IEA.

In conditions of crisis in Venezuela, the production growth of the OPEC countries will be 750,000 barrels per day, according to the agency.

"Virtually all of OPEC's production capacity growth will come from the Middle East, the sharp drop in oil extraction in Venezuela offsets growth in Iraq, due to which by 2023 OPEC's production capacity will only grow in 750,000 barrels per day," the report adds.

-snip-

https://www.lapatilla.com/site/2018/03/05/aie-produccion-petrolera-de-venezuela-caera-a-niveles-de-los-anos-40/

If Chavismo ended today, and a legitimate government took over, it would take until at LEAST 2023 for oil production to regain, as you cannot in 5 years replace the nearly 20 years of neglect and malfeasance at the hands of Chavismo. There is no money for maintenance, let alone new equipment, exploration or other oil infrastructure. Chavismo owes 90 billion dollars to creditors, with so much money stolen by guisos and enchufados that it would take a lifetime to pay off. The corruption is that immense.

[Wellstone ruled]

1. Explains why Rosneft is smelling around this.

[GatoGordo]

3. Like vultures

They own only 49.9% of the last asset worth anything in Venezuela (Citgo) but they have spent MONTHS at Amuay sorting out what that behemoth refinery is worth.

[Wellstone ruled]

4. That is what I read.

Understand it will take about three years to fix and update the existing Equipment as add new Drilling Technology.

Tillerson was in that area two weeks ago,strange,not.

[marble falls]

2. I also remember it was going to take up to century to put out all the burning oil wells in Kuwait...

and Iraq. Most were out in six months.