Venezuela’s oil output in the first quarter of the year has fallen more than investors had expected, with a production level expected to remain at a lower level for the rest of the year, a report by an energy consultancy company has revealed. According to Miami-based IPD, output fell 188,000 barrels a day in the first quarter, down to 2.59 million barrels a day, making this the first time since 2008 that oil output has fallen across every region in the country. The falling output is due to drilling delays, insufficient maintenance, theft and diluent shortfalls. “They have not kept up on maintenance and it is showing everywhere: oil production, electricity problems. The place is falling apart,” Ray Zucaro , RVX Asset Management’s chief investment officer said. The Guri dam, which produces about three-quarters of the country’s electricity, is dangerously close to shut-down status , which would exacerbate Venezuela’s […]