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LatinNews Regional Monitor: Andean Group - 14 June 2019

In brief: Venezuela

* According to the Organization of the Petroleum Exporting Countries (Opec), Venezuela’s oil production has declined to 741,000 barrels per day (bpd) in May, a decrease of 35,000 bpd from April. US sanctions on the Venezuelan oil industry have contributed to the decline in production by state-owned oil company Petróleos de Venezuela (Pdvsa) and driven trade with Russia. Coinciding with the news of Venezuela’s continued decline in oil production, Russia’s President Vladimir Putin has approved plans for the government to support Russia's state-owned oil firm Rosneft’s two shale gas projects in the 'Patao' and 'Mejillones' offshore gas fields in Venezuela's northern state of Sucre.