Oil wells – Summaries of news and views OnVenezuela https://onvenezuela.com Fri, 27 Mar 2020 15:53:41 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.5 https://onvenezuela.com/wp-content/uploads/2020/01/cropped-Screen-Shot-2019-12-20-at-12.31.03-PM-1-32x32.png Oil wells – Summaries of news and views OnVenezuela https://onvenezuela.com 32 32 Drowning in Unwanted Oil, Venezuela Starts Shutting Down Oil Wells https://onvenezuela.com/drowning-in-unwanted-oil-venezuela-starts-shutting-down-oil-wells/?utm_source=rss&utm_medium=rss&utm_campaign=drowning-in-unwanted-oil-venezuela-starts-shutting-down-oil-wells Fri, 27 Mar 2020 12:53:00 +0000 https://onvenezuela.com/?p=2311

As a consequence, Venezuela is sitting on an oil stockpile 30.9 million barrels high, “but no one to buy them,” says OilPrice. Venezuela is therefore making the logical choice and curtailing production. Only 464,000 barrels a day got pumped last week, a 38% reduction from February production rates, and some oilwells are now being closed down entirely. By Rich Smith. Full text -> The Motley Fool

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