Venezuela’s oil
production shrank from 1.2 million bpd to 830,000 bpd in April 2019. The number
of working oil rigs is down from 80 in 2015 to 20 in 2019. At $51 per barrel,
revenues on 830,000 bpd is $42.3 million, but most of it goes to China and
Russia to repay their loans. The decrease is due to decades of neglect and
incompetence and failure to maintain oil drilling equipment.
Iran’s
oil production shrank from 3.8 million bpd in 2018 to 2.2 million bpd in
2019.The decrease is due to US sanctions.
Russia’s oil
production is down from 11 million bpd in 2018 to 10.9 million bpd due to lower
demand.
Saudi oil
production is down from 11.1 million bpd in 2018 to 9.8 million bpd in 2019 due
to lower demand.
US oil
production is up from 11 million bpd in 2018 to 12 million bpd in 2019. US
consumption is 20 million bpd and the US wants to become oil independent and
raise oil production to 20 million bpd.
Norb Leahy, Dunwoody GA
Tea Party Leader
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