High inventories of oil and low prices are forcing Venezuela to consider shutting wells, adding a dire context for Nicolas Maduro’s handling of an economy already under stress from the coronavirus crisis High inventories of oil and low prices are forcing Venezuela to consider shutting wells, adding a dire context for Nicolas Maduro’s handling of an economy already under stress from the coronavirus crisis.
Overall production plummeted to 464,000 barrels of oil a day last week, according to two people with access to the data who asked not to be named because the information is private.
That’s down about 38% from February. Meanwhile, inventories of about 30.9 million barrels are sitting with no buyers on the coasts of Venezuela, Togo,