Ongoing pressure from US oil and power cuts caused Venezuela 's oil production to fall to a long - term low in March . The country produced 960,000 barrels per day ( BP ) during the month , a drop of nearly 500,000 bpd MoM. Overall OPEC output fell by a further 534,000 bpd to 30.022 million bpd, according to the secondary-source figures. 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 .
Ongoing pressure from US oil and power cuts caused Venezuela 's oil production to fall to a long - term low in March . The country produced 960,000 barrels per day ( BP ) 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 .