Venezuela Oil Industry Fears Losing Ground if US Revives Sanctions

Reimposed sanctions would cause Venezuela’s oil production to fall 30% to 600,000 barrels a day in a matter of months, according to Fernando Ferreira, director of geopolitical risk at Rapidan Energy Group. Data compiled by Bloomberg show the country’s production in January increased 22% from a year earlier after the US eased sanctions in October, allowing US companies to engage with state-owned Petróleos de Venezuela SA.The nation’s revenue from oil, meanwhile, would rise between $2 billion and $3 billion this year if sanctions return — compared to increasing $6 billion to $8 billion without them, JP Morgan analyst Katherine Marney wrote in a note on Tuesday. By Fabiola Zerpa. Full Text -> Yahoo!

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