Ongoing pressure from US sanctions and power blackouts caused Venezuela's oil supply to fall to a long-term low in March. The country produced 960,000 barrels per day (bpd) during the month, a drop of nearly 500,000 bpd MoM. Venezuela has been hit by an economic crisis since 2014, when its economy collapsed into recession.
Ongoing pressure from US sanctions and power blackouts caused Venezuela's oil supply to fall to a long-term low in March. The country produced 960,000 barrels per day (bpd) during the month, a drop of nearly 500,000 bpd MoM. This may be a factor in discussions when OPEC members meet in June to discuss whether to extend oil supply cuts that were introduced for an initial six months in January 2019.