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Venezuela oil production is plummeting

Venezuela's main source of cash is dwindling at a breathtaking pace.The country's oil output in January fell t...

Posted: Feb 13, 2018 6:23 AM
Updated: Feb 13, 2018 6:23 AM

Venezuela's main source of cash is dwindling at a breathtaking pace.

The country's oil output in January fell to its lowest level in nearly 30 years, not including a brief oil strike in 2003, according to S&P Global Platts.

A monthly OPEC report published Monday revealed Venezuela pumped 1.6 million barrels of oil per day last month. Production in January was down 20% from a year ago.

The staggering decline is another sign of Venezuela's economic and political crisis. The country is heading toward a presidential election in April that international critics are already labeling fraudulent.

Venezuela has more crude oil than any other country in the world and it heavily depends on the commodity to power its economy. Crude oil makes up about 95% of Venezuela's exports. The country has no other source of foreign income.

Related: Latin America has little faith in Trump, and it's turning more to China

Yet the government-owned oil company, PDVSA, has pumped less and less oil for the last few years because of corruption, crumbling infrastructure and a massive debt crisis.

Meanwhile, hundreds of thousands of Venezuelans have fled the country of 30 million in recent years. Those who can't leave are suffering from food and medical shortages, rampant crime and soaring prices on all types of goods. Inflation is expected to shoot up 13,000% this year, according to the IMF.

Venezuelan President Nicolas Maduro is expected to tighten his grip of power after the April 22 election. He has already barred prominent opposition candidates from running because their political parties didn't participate in gubernatorial elections last year. The Trump administration, along with several other governments, has labeled Maduro a dictator. Maduro claims the U.S. and others are waging an economic war against Venezuela.

The United States could get tougher on Maduro very soon. Secretary of State Rex Tillerson said last week on his tour of Latin American countries that the administration is still considering a ban on Venezuelan crude oil exports to the United States.

Experts say a complete oil ban would be a devastating blow to Venezuela's economy and Maduro's political fortunes.

Minnesota Coronavirus Cases

Data is updated nightly.

Cases: 584227

Reported Deaths: 7297
CountyCasesDeaths
Hennepin1211481718
Ramsey50494868
Dakota45177443
Anoka40908433
Washington26429279
Stearns21950221
St. Louis17568302
Scott17036124
Wright15771136
Olmsted1312197
Sherburne1144384
Carver1035045
Clay809292
Rice7964106
Blue Earth740941
Crow Wing654188
Kandiyohi648282
Chisago584051
Otter Tail568978
Benton561497
Goodhue471972
Mower461432
Douglas460474
Winona448950
Itasca421153
McLeod417758
Morrison414560
Isanti410762
Nobles406748
Beltrami388558
Steele382015
Polk380368
Becker376450
Lyon357850
Carlton340953
Freeborn339929
Pine324121
Nicollet321443
Brown303540
Mille Lacs298252
Le Sueur286422
Todd278731
Cass266328
Meeker251340
Waseca235822
Martin228831
Roseau206119
Wabasha20383
Hubbard184241
Dodge18193
Renville178243
Redwood171536
Houston170215
Cottonwood163121
Fillmore154110
Wadena153621
Pennington153319
Chippewa151338
Faribault150319
Kanabec143024
Sibley141310
Aitkin133236
Watonwan13049
Rock127319
Jackson121411
Pipestone114226
Yellow Medicine113620
Pope10846
Murray10579
Swift104218
Stevens89211
Marshall87617
Clearwater85816
Koochiching81615
Lake80619
Wilkin79912
Lac qui Parle75022
Big Stone5934
Lincoln5733
Grant5648
Mahnomen5418
Norman5379
Unassigned49793
Kittson48222
Red Lake3957
Traverse3685
Lake of the Woods3193
Cook1560

Iowa Coronavirus Cases

Data is updated nightly.

Cases: 364967

Reported Deaths: 5920
CountyCasesDeaths
Polk57277621
Linn20729334
Scott19808240
Black Hawk15757308
Woodbury15091228
Johnson1441183
Dubuque13326209
Dallas1111198
Pottawattamie11043168
Story1054948
Warren573688
Clinton552092
Cerro Gordo536389
Sioux512874
Webster510993
Marshall481075
Muscatine474699
Des Moines451766
Wapello4284122
Buena Vista424040
Jasper413771
Plymouth400179
Lee373155
Marion360575
Jones296957
Henry290737
Carroll284752
Bremer282860
Crawford265840
Boone262734
Benton255055
Washington253350
Dickinson247543
Mahaska229351
Jackson220942
Kossuth215164
Clay214725
Tama208971
Delaware208240
Winneshiek196733
Page192222
Buchanan190431
Cedar188923
Fayette184741
Hardin184643
Wright183436
Hamilton179249
Harrison179273
Clayton169156
Butler164234
Mills161422
Madison160419
Floyd159642
Cherokee158538
Lyon157541
Poweshiek154733
Allamakee150351
Iowa148124
Hancock146834
Winnebago141231
Cass137554
Calhoun136613
Grundy136033
Emmet133940
Jefferson132135
Shelby130437
Sac130119
Appanoose128048
Louisa127849
Union127832
Mitchell125742
Chickasaw123815
Guthrie120829
Humboldt118826
Franklin117421
Palo Alto112223
Howard104122
Montgomery102838
Unassigned10080
Clarke99824
Keokuk95331
Monroe95129
Ida90234
Adair86232
Pocahontas85422
Monona82730
Davis81824
Osceola77916
Greene77610
Lucas76823
Worth7368
Taylor65612
Fremont6229
Decatur6069
Van Buren55718
Ringgold55524
Wayne53223
Audubon50610
Adams3384
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