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Venezuela’s Falling Crude Oil Production Drives Oil Prices Higher

Venezuela’s Falling Crude Oil Production Drives Oil Prices Higher

Venezuela is OPEC’s eighth-largest crude oil producer. The EIA estimates that Venezuela’s crude oil production decreased by 45,000 bpd (barrels per day) to 1,465,000 bpd in April—compared to March. The country’s production has dropped by 515,000 bpd or 26% year-over-year.