US sanctions debilitate Venezuelan oil output

President Nicolas Maduro is standing firm, despite oil production falling to levels not seen since the infamous oil lockout of 16 years ago

Venezuela's oil sector continues its precipitous collapse, stricken by US sanctions and mismanagement, which have reduced crude production to its lowest level since 2003 — when several months of nationwide protests at Pdvsa, the state-owned oil company, wiped out almost a third of production. US sanctions on Venezuela's energy sector are having a crippling effect. The US Energy Administration (EIA) has reported losses in overall Venezuelan production of around 400,000bl/d since the year began. In April, output averaged just 830,000bl/d according to the EIA, while Opec's Monthly Oil Report put the estimated production figure even lower at 768,000bl/d. Output has recovered slightly from March,