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Venezuela oil production is plummeting

Venezuela's main source of cash is dwindling at a breathtaking pace.The country's oil output in January fell t...

Posted: Feb 13, 2018 6:23 AM
Updated: Feb 13, 2018 6:23 AM

Venezuela's main source of cash is dwindling at a breathtaking pace.

The country's oil output in January fell to its lowest level in nearly 30 years, not including a brief oil strike in 2003, according to S&P Global Platts.

A monthly OPEC report published Monday revealed Venezuela pumped 1.6 million barrels of oil per day last month. Production in January was down 20% from a year ago.

The staggering decline is another sign of Venezuela's economic and political crisis. The country is heading toward a presidential election in April that international critics are already labeling fraudulent.

Venezuela has more crude oil than any other country in the world and it heavily depends on the commodity to power its economy. Crude oil makes up about 95% of Venezuela's exports. The country has no other source of foreign income.

Related: Latin America has little faith in Trump, and it's turning more to China

Yet the government-owned oil company, PDVSA, has pumped less and less oil for the last few years because of corruption, crumbling infrastructure and a massive debt crisis.

Meanwhile, hundreds of thousands of Venezuelans have fled the country of 30 million in recent years. Those who can't leave are suffering from food and medical shortages, rampant crime and soaring prices on all types of goods. Inflation is expected to shoot up 13,000% this year, according to the IMF.

Venezuelan President Nicolas Maduro is expected to tighten his grip of power after the April 22 election. He has already barred prominent opposition candidates from running because their political parties didn't participate in gubernatorial elections last year. The Trump administration, along with several other governments, has labeled Maduro a dictator. Maduro claims the U.S. and others are waging an economic war against Venezuela.

The United States could get tougher on Maduro very soon. Secretary of State Rex Tillerson said last week on his tour of Latin American countries that the administration is still considering a ban on Venezuelan crude oil exports to the United States.

Experts say a complete oil ban would be a devastating blow to Venezuela's economy and Maduro's political fortunes.

Mississippi Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 112123

Reported Deaths: 3223
CountyConfirmedDeaths
Hinds7796173
DeSoto670178
Harrison484483
Jackson435081
Rankin383786
Madison373993
Lee344979
Forrest296377
Jones283782
Washington252197
Lafayette242642
Lauderdale2376131
Lamar217138
Bolivar198377
Oktibbeha195854
Neshoba1814111
Lowndes174962
Panola166337
Leflore160787
Sunflower157649
Warren152755
Monroe145972
Pontotoc143819
Pike137256
Lincoln135555
Copiah135036
Marshall134826
Scott123829
Coahoma123436
Grenada120038
Yazoo119333
Simpson118649
Union115225
Holmes113560
Leake113340
Tate113239
Itawamba110424
Pearl River108958
Adams104343
Prentiss102619
Wayne98721
Alcorn96012
George93917
Marion92942
Covington92525
Tippah85921
Newton84427
Chickasaw82625
Winston82221
Tallahatchie81825
Tishomingo79341
Hancock78127
Attala77626
Clarke72349
Clay67621
Jasper67417
Walthall63327
Calhoun61412
Noxubee59617
Smith58316
Claiborne53216
Montgomery52923
Tunica52217
Lawrence49914
Yalobusha49314
Perry48122
Carroll46312
Greene45518
Stone45014
Amite41713
Quitman4146
Humphreys41216
Jefferson Davis39811
Webster36613
Wilkinson33020
Kemper32015
Benton3154
Sharkey27814
Jefferson27010
Franklin2373
Choctaw2036
Issaquena1063
Unassigned00

Alabama Coronavirus Cases

Confirmed Cases: 153016

Reported Deaths: 2633
CountyConfirmedDeaths
Jefferson22563372
Mobile14335314
Tuscaloosa10023133
Montgomery9759196
Madison904893
Shelby709960
Lee644966
Baldwin640569
Marshall428248
Calhoun412759
Etowah405749
Morgan396833
Houston364632
DeKalb319628
Elmore310752
St. Clair282142
Limestone270828
Walker268892
Talladega258435
Cullman227623
Lauderdale208740
Autauga201029
Jackson200915
Franklin199731
Colbert192228
Russell19053
Dallas185627
Blount184824
Chilton181731
Escambia171328
Coffee16669
Covington166029
Dale163451
Pike130512
Chambers130143
Tallapoosa128686
Clarke127117
Marion104729
Butler99840
Barbour9889
Marengo97221
Winston90413
Geneva8417
Pickens80517
Lawrence80031
Randolph79814
Bibb79114
Hale74529
Cherokee72214
Clay71912
Lowndes70127
Henry6376
Bullock63517
Monroe6319
Washington62212
Crenshaw59330
Perry5806
Wilcox55912
Conecuh55713
Fayette55312
Cleburne5287
Macon52820
Sumter46721
Lamar4565
Choctaw38712
Greene33916
Coosa1973
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