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Venezuela's new rock bottom for oil production

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US Atlantic Coast refinery issues, Venezuela sanctions help rally oil futures

Listen: Venezuela's new rock bottom for oil production

The US Energy Information Administration expects Venezuelan oil production to sink below 1 million b/d by the end of this year and fall to 700,000 b/d by the end of 2019.

EIA analyst Lejla Villar, who developed those forecasts, joins Capitol Crude to talk about the staggering collapse of Venezuela's oil sector.

She describes the compounding structural issues that have led her to keep lowering her Venezuelan projection each month in the Short-Term Energy Outlook. She also shares her forecast for other OPEC producers for the second half of 2018.