Title : Venezuela Oil Production Lowest In 28 Years; Venezuela Exports To US Almost Half What The Bakken Produces -- November 14, 2017
link : Venezuela Oil Production Lowest In 28 Years; Venezuela Exports To US Almost Half What The Bakken Produces -- November 14, 2017
Venezuela Oil Production Lowest In 28 Years; Venezuela Exports To US Almost Half What The Bakken Produces -- November 14, 2017
A reader sent me a link to an article reporting that Venezuelan crude oil production has dropped to a 28-year low. It will be interesting to watch Venezuelan crude oil exports to the US over the next few months.This is a look at Venezuelan crude oil exports to the US, in thousands of bbls per month. In the most recent month in which data was provide, Venezuela exported less than 20 million bbls of heavy oil to the US.
North Dakota is producing over 30 million bbls of light oil on a monthly basis. It looks like the last time Venezuela shipped 30 million bbls of oil to the US in any given month was December, 2012. The last year that Venezuela consisted exported that amount of oil to the US was in 2011. The Bakken was hitting its stride in 2010. The "glory years" for Venezuelan oil production appears to have been just before the Great Recession.
Venezuela says it is producing slightly less than 2 million bopd. North Dakota is producing slightly more than 1 million bopd.
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