Venezuela Expects to Lose Another 200,000 bpd by end-2018

[Marina Schwarz + 1,576]

The odds are stacked in favor of the bulls, no doubt about it. Can this particular tailwind be reversed?

[Dana Knapp 0]

I'm in wood county WV.

 

[cattleman + 29]

its hard to believe such an area of such a wealth of crude and other assets can have so many problems financially, it can always get worse but I would think some country would step in with some sort of political and financial alliance, maybe even a company, I would quess it all depends on Venezuela's leadership, if it stays the way it currently is I think it will be china comes in, if the dictator is overthrown there may be some democratic countries or businesses from democratic countries step in, I would be fearful if it was an entire country steps in because they may try to take advantage and then the wto may have to get involved, if they can get stable leadership and partner with just say an exon for example, I would say Venezuela may have a chance to settle down and become a safe place, 

[Rodent + 1,424]

Not good, if sources inside the ministry are even saying they are expecting a production decline. What's more, there appears to be no plan (and no means to follow a plan should they craft one) for staunching the bleeding. 

[jose chalhoub + 388]

Let me tell you folks, these guys directing the oil company have no clue about what they are doing, since all whats been going on is a mere clash for power between the factions in the government, one of military officers and the other one sided with President Maduro and where the vice president with lebanese shiite background Tarek Al Aissami with alleged links to Hezbollah all of them are in a fierce fight to get the largest share of the pie of the oil industry, the problem is that sooner than later there wont be any more of it to clash for as its production is being destroyed.

As an anecdote, when i worked at pdvsa at the security and loss control department in 2004, this department was led mainly by active and retired generals capitans and majors but only in charge of security affairs of pdvsa, which truth to be told, they did a good job since they were only in charge of intelligence and security affairs, thats it. But this handing the entire oil industry to a general who has no oil experience is killing the industry to its entire death. But i dont think this is Quevedo's fault, the current minister and president of pdvsa since i believe hes being a puppet of puppeteers, but this whole mess was caused by the hypocrite former minister Rafael Ramirez, now in exile, and who claims to be the saviour of Venezuela and who recently said that PDVSA was in total collapse. But i remember he was claiming with total fanfare in 2005,2006 and 2007 that Venezuela was on its path to produce 5.000.000 barrels of oil in the middle of all the chavez and socialist euphoria with huge inflow of dollars. All that is completely gone. Sad but true. For me, this guy is the real mobster and the guilty of all the mess and chaos in venezuelan oil industry. 

[Tom Kirkman + 8,860]

It's just plain crazy to have a military general with zero experience in oil & gas run a National Oil Company.  It's like a Darwin Award for an NOC. 

[EVANAN ROMERO + 2]

VENEZUELA OIL PRODUCTION FLOOR IS THE LEVEL OF CURRENT OIL PRODUCTION BY THE JOINT VENTURE PARTNERS ESTIMATED AT AROUND 900 K BOPD. THE MAIN FACTORS NEEDED TO MAINTAIN AND INCREASE OIL PRODUCTION IS THE SAME TO HALT THE DECLINE AND THEY ARE ALL ABSENT: MONEY, PEOPLE AND MANAGEMENT