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Latin American Economy & Business - July 2018 (ISSN 1741-7430)

Venezuela: Oil production nosedives

Prices are finally picking up after a long slump in the international oil market. So far this year Venezuela’s mix of heavy and light crudes has sold for an average of US$60.25 a barrel, 29% higher than the average for last year. This would be good news for the Venezuelan government if not for one dramatic fact: Venezuelan crude oil production is collapsing at an alarming rate.

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