LatinNews Daily - 13 February 2020

In brief: Venezuelan oil production continues to decline

* The Organization of the Petroleum Exporting Countries (Opec) has announced that oil production in Venezuela fell to 882,000 barrels per day (bpd) in January, down from 907,000 bdp in December 2019. The country’s oil output has been declining for years, but an intensification of US sanctions against state-owned oil company Pdvsa in April 2019 has seen a particularly sharp drop in the past twelve months, falling from 1.49m bpd in January 2019. Pdvsa dominates the Venezuelan oil sector, but the few international corporations still active are also feeling the pressure, with US firm Chevron reporting a 16% decrease in oil production throughout 2019. Further sanctions are expected, including against Pdvsa’s international partners, which will likely drive these figures even lower in the coming months.