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Venezuela in freefall

Caracas doesn't have an answer for the accelerating deterioration of the country's oil industry

If anyone should be cheering the oil price rally it's Venezuela. The country was an early agitator for the Opec deal that has finally helped deliver higher prices, and badly needed a price recovery to aid its crisis-stricken economy. But with oil output in freefall, operations paralysed by a military power grab at state-run PdV and the weight of US economic sanctions bearing down, even an oil bull run hasn't been enough to bring cheer to Venezuela. Oil production enters 2018 in the sharpest decline in the country's history. At the end of 2017, Venezuela was producing around 1.62m barrels a day, the lowest point in decades outside the 2002 oil strike, according to figures the country reports

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