PDVSA Crude Output Plunges on Venezuela Power Cuts

Oil wells were halted and production stopped in some parts of the country as the industry depends on the national electricity grid, said the official, who asked not to be named since he’s not authorized to speak publicly on the matter. Consultant Energy Aspects Ltd told clients in a note that Venezuelan oil production had fallen temporarily to as low as 500,000 barrels a day, more than 50 percent below 1.1 million barrels a day that the nation pumped in January. The impact will be reflected in official production reports for March and company president and Oil Minister Manuel Quevedo should provide details on the situation this week, the person said.

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