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Venezuela's ST Oil Output Unlikely to Rise Meaningfully: Analysis
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Venezuela, which is estimated to possess the largest oil reserves in the world, is unlikely to chart a meaningful increase in short-term oil production even with billions of US dollars in investment from mega US oil companies, Reuters reported. Oil investors face security concerns, deteriorating infrastructure, doubts about the legitimacy of the US arrest of Venezuelan President Nicolas Maduro, and the potential risks of long-term political instability, the report cited analysis. Venezuela is one of the founding members of OPEC, with a peak production of 3.5 million bpd in the 1970s, representing over 7% of global oil production. Production busted below 2 million bpd in the 2010s, averaging about 1.1 million bpd last year, representing 1% of global production. The country nationalized its oil industry in the 2000s, with Chevron (CVX.US) currently being the only major US oil company operating locally. ConocoPhillips (COP.US) had three oil projects taken over nearly 20 years ago, and ExxonMobil (XOM.US) exited the country around the same time. AASTOCKS Financial News Website: www.aastocks.com |
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