Crude production by state-owned Venezuelan oil company PDVSA and its international partners almost halved during June to 280,000 b/d because of full storage capacity and the collapse in exports due to US sanctions, according to PDVSA technical reports seen by S&P Global Platts. Receive daily email alerts, subscriber notes & personalize your experience. Register Now In May Venezuelan oil production was 550,000 b/d, according to the latest Platts survey of OPEC production. This drop is the largest since 2002 when a strike by PDVSA employees caused much of the company’s operations to grind to a halt. The June plunge was most pronounced in the Orinoco Belt, the country’s main oil reservoir, where production slumped by around two thirds in a single month to […]