Venezuela’s Abysmal Oil Production

Things are getting more financially abysmal for Venezuela all the time. The once abundant oil producer, is seeing a rapid slowing of production and the face value of its notes falling billions of dollars constantly. Right now the oil production in Venezuela is down 188,000 barrels. The country is so bad off that it is unable to pay hundreds of millions of dollars to various companies as predicted by Jose Manuel Gonzalez, primarily the General Electric Company. Oil companies that have works in Venezuela are also scaling back operations in the country. The biggest of these companies is Schlumberger Ltd, who is the largest oil provider in the world.
Losing all of these companies will make an already hard task added Gonzalez-rebuilding the economy-so much harder. In fact, experts say that at this point things are so abysmal it is pretty much impossible to get it back off the ground ever again. The next few months will tell. For a more in-depth look at these matters read here.