Venezuela is looking to shut in some of its still-operational oil wells as oil buyers prove increasingly hard to find at a time when oil demand worldwide is plunging and domestic inventories near capacity, people familiar with the situation in Venezuela’s oil sector tell Bloomberg . Oil production in the Latin American country has slumped over the past three years due to the dire economic situation and the increasing U.S. sanctions on its exports and companies selling Venezuela’s oil. Earlier this year, Venezuela managed to achieve a slight increase in its crude oil output, only for the coronavirus pandemic to spread and cause significant demand destruction worldwide, putting more pressure on Nicolas Maduro’s regime. Venezuela’s crude oil production plunged to 464,000 barrels per day (bpd) last week, sources with access to production data told Bloomberg. Last week’s production dropped by 38 percent from the average output in February. According […]