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In brief: Venezuela

Venezuela: The Organization of Petroleum Exporting Countries (Opec) has released its latest monthly oil production figures, which show that national crude production in Opec member Venezuela fell by 47,700 barrel per day (bpd) to 1.27m bpd in July. This figure is 40% lower than the 2.15m bpd average monthly crude production registered in Venezuela in 2016 and marks a 30-year low. All of this suggests that oil production in the Andean country continues to fall sharply amid Venezuela’s ongoing economic crisis.       

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