IN FOCUS


As Venezuela continues to collapse under the heavy hand of President Nicolas Maduro, its oil sector finds itself in a downward spiral. Although the veracity of official statistics remains questionable, several knowledgeable industry sources recently told Energy Intelligence that Venezuela's oil output is down to just 1.4 million b/d, well below even more conservative prevailing estimates. Volumes could collapse further as Maduro tightens his grip, with the US threatening steep sanctions against the country's oil sector if he uses the upcoming Apr. 22 presidential election to further consolidate power. The lone bright spot may be Petroleos de Venezuela's US downstream unit Citgo, which sources say is weathering the storm -- although existing US financial sanctions are preventing the Houston-based refiner from passing badly needed cash back to its desperate parent company. Anthony Venezia, New York

RELATED ARTICLES
IN FOCUS STORIES
MOST READ