Register with us today

and in less than 60 seconds continue your access to:Latest news headlinesAnalytical topics and featuresCommodities videos, podcast & blogsSample market prices & dataSpecial reportsSubscriber notes & daily commodity email alerts

Already have an account?

Log in to register

Forgot Password

Please Note: Platts Market Center subscribers can only reset passwords via the Platts Market Center

Enter your Email ID below and we will send you an email with your password.

  • Email Address* Please enter email address.

If you are a premium subscriber, we are unable to send you your password for security reasons. Please contact the Client Services team.

If you are a Platts Market Center subscriber, to reset your password go to the Platts Market Center to reset your password.

In this list

Venezuela oil output likely to fall to 500,000 b/d by end-2019: US State Department official

Energy | Coal | Electric Power | Renewables | LNG | Natural Gas | Natural Gas (North American) | Oil | Crude Oil | Refined Products | Gasoline | Shipping | Coronavirus

Brouillette remains optimistic about industry rebound, US leadership in oil, gas


Platts Market Data – Oil

Capital Markets | Commodities | Oil | Crude Oil | Refined Products | Fuel Oil | Gasoline | Jet Fuel | Naphtha | Marine Fuels | Equities | Financial Services | Banking | Non-banks | Private Markets

North American Crude Oil Summit, 3rd annual

Natural Gas | Oil | Crude Oil

Iran signs $300 mil Yaran field project as Zanganeh sees sanctions ending

Venezuela oil output likely to fall to 500,000 b/d by end-2019: US State Department official

Washingotn — Venezuelan oil production is expected to fall to 500,000 b/d by the end of the year, largely from the impact of US sanctions on PDVSA, the country's state-owned oil company, Elliott Abrams, the US State Department's special representative for Venezuela, said Wednesday at a US House of Representatives Foreign Affairs Committee hearing.

Not registered?

Receive daily email alerts, subscriber notes & personalize your experience.

Register Now

Venezuelan production dropped 10,000 b/d to 1.16 million b/d in January from 2.4 million b/d in December 2015, according to the latest S&P Global Platts OPEC production survey.

The US Energy Information Administration said Tuesday that Venezuelan output slid to 1.22 million b/d in January from 1.25 million b/d in December.

On January 28, the US unveiled sweeping sanctions on PDVSA, imposing a de facto ban on US imports of Venezuelan crude oil and an immediate prohibition on US exports of diluent to Venezuela. PDVSA uses diluent, particularly heavy naphtha, in the production and transport of its heavy crude oil.

During the hearing Wednesday, Sandra Oudkirk, deputy assistant secretary in State's Bureau of Energy Resources, said the US was working to avoid supply disruptions, particularly in Caribbean and Central American markets.

Oilgram News

Platts Oilgram News brings fast-breaking global petroleum and natural gas news every day covering supply and demand trends, corporate news, government actions, exploration, technology, and much more. Click on the link below and we will set you up with a free trial.

Free Trial

Oudkirk said disruptions caused by sanctions were "unlikely" mainly because of the increase in US oil production and exports. "We believe disruptions are unlikely since oil markets are adequately supplied," Oudkirk said.

Oudkirk said the revival of Venezuela's oil sector was "essential" to the South American country's economic recovery, which is why the US has granted general licenses for some US companies in Venezuela's upstream sector allowing them to continue their work while sanctions are in effect. Under one general license, Chevron, Halliburton, Schlumberger, Baker Hughes and Weatherford International were authorized to continue work in Venezuela for at least six months.

"The oil and gas sector is the key pillar of the Venezuelan economy, and it will be going forward," Oudkirk said. "Keeping the US corporate presence there with their best practices ... is, we believe, one of the best ways to ensure that in the future Venezuela is able to return to prosperity and an economy that functions normally."

-- Brian Scheid,

-- Edited by Valarie Jackson,