Venezuela refuses to report oil output to OPEC for first time in history

[GatoGordo]

PDVSA did not inform OPEC about the production of barrels for the month of October
By: Agencies- Aporrea | Wednesday, 11/14/2018 11:03 AM



The Venezuelan Ministry of Petroleum did not send information to the Organization of the Petroleum Exporting Countries (OPEC) about the number of barrels per day (b/d) that it produced in the month of October 2018, so that the data that reflected the said institution is the one that was supplied by secondary sources, which indicate that there was a fall in 40,000 barrels per day, with respect to the month of September, and the production stood at 1,171,000 b/d.

In this way, the opacity reached Venezuela by OPEC. OPEC had to show and take as valid the figures from these sources and also pointed out that Kuwait, Nugeria, Algeria and Ecuador also recorded a drop in production, which in total reached 253,000 b/d, of which 16% corresponds to Venezuela .

According to the official information provided by Venezuela to OPEC, in October 2017 Pdvsa produced 2,035,000 b/d, which means that in a year the Venezuelan crude production fell by 42%. In 2016 it was located at 2,373,000 b/d crude.

It should be noted that Venezuela has not been able to take advantage of the price rebound in 2018 compared to the previous year. In 2017 the average price for the month of October was at 46.01 dollars per barrel, while in October 2018 it was around 65.54 dollars per barrel, that is, 19.53 dollars more.

https://www.aporrea.org/actualidad/n334281.html

End of the road. The teat has run dry.