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Venezuela’s Crashing Oil Production Supports Oil Bulls

Gordon Kristopher
Venezuela’s Crashing Oil Production Supports Oil Bulls

Venezuela is OPEC’s eighth-largest crude oil producer. The U.S. Energy Information Administration estimates that Venezuela’s crude oil output decreased by 65,000 bpd (barrels per day) to 1,360,000 bpd in June—compared to the previous month. The production is near a 16-year low.