LatinNews Regional Monitor: Andean Group - 14 May 2020

* The latest report from the Organization of the Petroleum Exporting Countries (Opec) has calculated that Venezuelan oil production fell to 622,000 barrels per day (bpd) in April, down from 660,000bdp in March, and well below the 732,000bpd produced in April 2019. The Opec data contradicts the Venezuelan oil ministry’s claim that oil production had increased to 737,000bpd in April. After several years of steadily declining production, attributed variously to international economic sanctions and to government mismanagement, output has fallen more rapidly in recent months, in response to tightened sanctions and the effects of the coronavirus (Covid-19) pandemic.

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