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LatinNews Daily - 12 November 2020

In brief: Oil production continues to fall in Venezuela

*The Organization of the Petroleum Exporting Countries (Opec) has reported that oil production in Venezuela fell to an estimated 367,000 barrels per day (bpd) in October, down from 392,000 bpd the previous month. Venezuela’s oil ministry offered a more optimistic figure of 473,000 bdp for October, but even this reflects the significant decline of the sector in 2020. Venezuela’s oil production has been falling for years, as a result of mismanagement of the industry and the impact of international economic sanctions, but the added pressure of the coronavirus (Covid-19) pandemic – as well as a tightening of sanctions – has seen production fall from 882,000 bpd back in January, as per Opec.

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