Venezuela’s crude oil production tumbled by nearly 200,000 bpd in June compared to May, to just 422,400 bpd on June 28, as Venezuela struggles to place its oil on the market due to the U.S. sanctions, Bloomberg reported on Wednesday, citing official documents it had seen. Venezuela’s state-owned oil firm PDVSA saw its June production plunge by 32 percent last month, with output in the country holding the world’s largest oil reserves plummeting to its lowest level in 75 years in early June when it was just 374,000 bpd. In the first half of June, production from the Orinoco oil belt slumped by 50 percent to just 148,000 bpd, according to the documents of PDVSA and the oil ministry seen by Bloomberg. In the Maracaibo basin, crude oil production plunged by 40 percent to 83,600 bpd. The collapse in oil prices and the tightening U.S. sanctions against Venezuela have […]