Venezuela’s Oil Output Continues to Collapse

Over 1 million people protested in a massive march in Caracas on September 1, demanding the removal of President Nicolas Maduro. Madura’s government is blamed for the corruption and poor management of Venezuela’s oil assets. One protestor told Reuters, "We are going to defeat hunger, crime, inflation and corruption. They've done nothing in 17 years. Their time is finished." Since June oil exports have declined by 300,000 bbl per day. PDVSA has failed to keep up with maintenance and electricity blackouts have knocked refineries offline. “After counting for domestic consumption and the oil that is set aside for loan repayments to China, Venezuela only has about 900,000 barrels per day left for exports,” according to investment market analysts.