Output cut: The state-run PDVSA has lowered it's production to 374,000 barrels a day from Wednesday. - Reuters
CARACAS: Oil production in Venezuela, the country with the world’s largest reserves of crude, has fallen to a 75-year low with US sanctions continuing to cripple the country’s exports.
Venezuela’s state-run oil company Petroleos de Venezuela SA (PDVSA) lowered its production estimates to 374,000 barrels a day as of Wednesday, according to a document seen by Bloomberg, a level not seen since 1945.
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