Ongoing pressure from US sanctions and power blackouts caused Venezuela's oil supply to fall to a long-term low in March. OPEC estimates that it needs to provide an average of 30.30 million bpd in 2019 to balance the market, a figure lowered by 160,000 bpd month-on-month partly due to weaker demand. 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. Venezuela has been hit by an economic crisis since 2014, when its economy collapsed into recession.