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.

Cases: 268672

Reported Deaths: 5917
CountyCasesDeaths
DeSoto17928195
Hinds17030337
Harrison14510212
Rankin11315223
Jackson11054193
Lee9109147
Madison8663171
Jones6853120
Forrest6260125
Lauderdale6161196
Lowndes5582123
Lafayette5269101
Lamar508765
Washington4965125
Bolivar4164110
Oktibbeha411585
Panola389881
Pontotoc380460
Monroe3727111
Warren3716103
Marshall360172
Union360165
Pearl River3527106
Neshoba3516158
Leflore3132110
Lincoln308389
Hancock300963
Sunflower294277
Tate281862
Alcorn274055
Pike272984
Itawamba271263
Scott264055
Yazoo258456
Prentiss255454
Coahoma252455
Copiah251549
Tippah251551
Simpson244872
Leake238967
Marion228274
Covington224873
Grenada224673
Wayne216336
Adams216271
Winston208271
George206440
Newton201447
Attala197465
Tishomingo196361
Chickasaw190245
Jasper183138
Holmes172568
Clay168637
Tallahatchie158035
Stone153625
Clarke148762
Calhoun142022
Smith131926
Yalobusha124935
Walthall115438
Greene114929
Noxubee114526
Montgomery112936
Lawrence107917
Carroll106922
Perry105931
Amite102727
Webster98024
Claiborne90125
Tunica89621
Jefferson Davis89330
Benton86923
Humphreys85625
Kemper81220
Quitman7169
Franklin71017
Choctaw64013
Wilkinson60125
Jefferson57321
Sharkey45717
Issaquena1616
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Alabama Coronavirus Cases

Cases: 445909

Reported Deaths: 6896
CountyCasesDeaths
Jefferson651891049
Mobile32138590
Madison28596223
Tuscaloosa21703276
Montgomery20220336
Shelby19584138
Baldwin17496216
Lee13378109
Morgan12741145
Etowah12196189
Calhoun11626228
Marshall10513126
Houston9097168
Limestone842481
Cullman8363125
Elmore8283112
Lauderdale7986112
DeKalb7935112
St. Clair7915139
Talladega6552112
Walker6068184
Jackson605649
Colbert560194
Blount551794
Autauga544065
Coffee470569
Dale415186
Franklin378150
Russell362816
Chilton348079
Covington344681
Escambia342244
Tallapoosa3184109
Dallas314197
Chambers308575
Clarke307339
Pike267735
Lawrence256958
Marion255763
Winston235243
Bibb224751
Geneva214747
Marengo212031
Pickens201831
Barbour188240
Hale187444
Fayette181230
Butler175960
Cherokee167433
Henry161325
Monroe153521
Randolph148236
Washington144027
Clay131050
Crenshaw126245
Macon124337
Cleburne123627
Lamar121324
Lowndes117636
Wilcox109422
Bullock105829
Perry100518
Conecuh98222
Sumter90828
Greene78323
Coosa64619
Choctaw52224
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