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Venezuela is at zero

Venezuela has resumed operations at two oil refineries, President Nicolas Maduro announced on his Twitter microblog. Venezuelan authorities also announced the adoption of a plan to regulate fuel supplies at petrol stations.

According to media reports, petrol is being rationed in Venezuela on the basis of licence plates. Queues several kilometres long have formed at petrol stations.

Venezuela, a major oil producer before the onset of the current political and economic crisis, is grappling with serious petrol shortages. Its refineries are operating at only 10 % of capacity owing to equipment problems and a shortage of diluents for Venezuela heavy crude.

For the past six years, the Latin American country’s foreign currency earnings, derived almost exclusively from oil exports, have sunk by 99 %, Maduro has announced. According to data cited by the president, earnings of $56.6 billion in 2013 plunged to $477 million as of September 2020.

Last year, the U.S. administration barred American companies from buying Venezuelan crude for refining.

According to OPEC data, Venezuela extracted a total of 340,000 barrels per day in August, compared to earlier figures of 712,000 barrels per day. In 2017, the average extraction figure stood at 1.7 million bpd – and in 2000 nearly 3 million.

Oil industrial service company Baker Hughes said that in August a single refinery was in operation – a report denied by the state-owned Venezuelan oil company PDVSA.

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