the Venezuelan Economy, dependent on oil exports, is going through a difficult period due to pandemic in the world has decreased demand, and the country is forced to preserve the well. And U.S. sanctions worsen the situation — the oil production of Venezuela has declined to the level of 1945.
the country is Now suffering because of the sanctions of the United States, produces a total of 374 thousand barrels per day. This is two times less than in January 2020, reported Bloomberg, citing data from the Venezuelan state company PDVSA.
In early June, Venezuela was only one oil rig, according to the American company Baker Hughes, counts the number of drilling. In the beginning of 2020, the country has 100. Today Venezuela produces oil in the Orinoco river basin.
As it became known in early June, Chinese oil companies are going to stop the chartering of tankers, which last year went to the Venezuelan ports, as the US increases sanctions against the government of Maduro. The United States will complicate trade relations with Iran.
In January 2019, the US imposed sanctions against Venezuelan state oil company Petroleos de Venezuela (PDVSA). Thus, Venezuela loses $ 11 billion of annual revenue.