Maduro says Venezuela's oil output will improve
Venezuelan President Nicolas Maduro promised to recover 70 percent of the country’s lost oil production in the first half of 2018.
Venezuela’s oil production dropped by nearly 13 percent last year according to figures released by OPEC in January, hitting a 28-year low that suggested a deepening economic crisis and increased chances of a debt default.
Venezuela produced 2.072 million barrels per day (bpd) in 2017 compared with 2.373 million bpd the previous year, registering a near 300,000 bpd drop.
Maduro has criticized an “economic war” led by the United States as well as corruption in the state oil company PDVSA for shrinking production.
Published: by Radio NewsHub