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Maduro Promises to Recover Oil Decline
Maduro Promises to Recover Oil Decline

Maduro Promises to Recover Oil Decline

Maduro Promises to Recover Oil Decline

Venezuelan President Nicolas Maduro promised on Saturday to recover 70% of the country’s lost oil production in the first half of 2018.
“I can tell you, the unprecedented injustices led to an important fall of a million barrels of oil,” Maduro said in an interview with state television without giving more specific figures or defining a time period for the output decline, Reuters reported.
“I think that in the first half of this year, we will have recovered 70% of production,” he said.
Venezuela’s oil production dropped by nearly 13% last year, according to figures released by OPEC in January, hitting a 28-year low that suggested a deepening economic crisis and increased chances of a debt default.
Venezuela produced 2.07 million barrels per day in 2017 compared with 2.37 million bpd the previous year, registering a near 300,000-bpd drop.
Maduro has criticized an “economic war” led by the United States as well as corruption in the state oil company PDVSA for shrinking production.

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