Venezuela: oil production plummets in June

According to the Organization of petroleum exporting countries (OPEC), Venezuela's oil production fell again in June to less than 400,000 barrels per day, reaching the same levels as in 1934. 

According to OPEC's monthly report, the country's supply stood at 356,000 barrels per day (bd) in June, down 37.5 percent from 570,000 in May. Meanwhile, the figures sent by the government to the energy cartel based on the Venezuelan state-owned PDVSA are at 393,000 bd.

José Manuel Puente, an economist and professor at the Center for Public Policy at the Institute of Higher Administration Studies (IESA), told AFP that "revenue from oil exports … will be the lowest in the last 70 years."

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