Venezuela oil output plummets to 870,000 bpd on outages, sanctions, says International Energy Agency
Updated : April 11, 2019 03:31 PM IST
The IEA, which coordinates the energy policies of industrialised nations, said the output decline of 270,000 bpd was Venezuela's second largest month-on-month drop and put the country's production at 600,000 bpd less than a year earlier.
Venezuela told the Organization of the Petroleum Exporting Countries that the nation pumped 960,000 bpd last month, a drop of almost 500,000 bpd from February, OPEC said on Wednesday.
OPEC, Russia and other non-member oil producers agreed to cut output by 1.2 million bpd from January 1 for six months and are set to meet on June 25-26 to decide whether to extend the pact.