Venezuela's declining oil production, due mostly to operational struggles rather than good-faith adherence to OPEC quotas, is costing it nearly $7B annually, says Russ Dallen of Caracas Capital."Venezuela agreed with OPEC to cut production to 1.972M bpd--in other words giving what was already a fait accompli,"he says, nothing it has fallen through that cut to 34k bpd below its quota, even as other members' output increases."Venezuela is producing 437k bpd less than it was 2 years ago, which at Venezuela's average 2017 oil price of $43.60--so far--means Venezula is losing over half a billion dollars every month; $6.9 billion a year."
--News from www.sinopecnews.com.cn
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