Venezuela’s oil industry has been in a tailspin in recent years, with the country’s crude oil production falling from 2.4 million barrels per day (bpd) in 2015 to only 1.34 million bpd at the end of 2018. This freefall is poised to carry over into 2019, according to energy research and consulting firm Rystad Energy. In Rystad Energy’s base case forecast, Venezuelan production drops by another 340,000 bpd year-on-year to 1 million bpd in 2019, and slips even further to 890,000 bpd in 2020. In the low case scenario, where the status-quo continues and Venezuela is unable to offset the effects of US sanctions and secure ... (full story)