Venezuela’s oil production may drop 20% by 2017-end

According to Tyler Richey, editor of The Sevens Report, Venezuelan oil production is expected to drop sharply in the coming months, although the drop may having no relation to the OPEC deal compliance.

Mr. Richey noted, “While Venezuela has a ton of oil underneath it, unfortunately for them, they have one of the highest costs [a] barrel to lift and process it,” among the Organization of the Petroleum Exporting members.”

Venezuela’s proved oil reserves was estimated at 300.9 billion barrels at the end of 2015, according to BP’s Statistical Revenue of World Energy June 2016.