Oil in Venezuela, a sector in deep and decadent crisis.

According to these calculations, used by the group to control the production of its members, the pumping of Venezuela fell by 47,000 barrels per day, the biggest drop in all 14 partners of the Organization of Petroleum Exporting Countries (OPEP).

The official data reported by the government contradict those mentioned in the international report, indicate that in January production increased 9% to 1.7 mbd.

In any case, oil production in Venezuela is at its lowest levels for 28 years, with the exception of the radical fall of extractions experienced during several months in 2002 and 2003, when a strike in the state oil company, PDVSA, sank pumping below 100,000 barrels per day.

Secondary sources, updated in the new OPEC report, indicate that Venezuela extracted a daily average of 1.9 million barrels in 2017, 11% less than the 2016 average.

The serious economic crisis in Venezuela has also been felt in PDVSA, affected by sanctions by the United States, which restrict its financing.

The Administration of Donald Trump imposed financial sanctions in August against the Venezuelan government and PDVSA, which prohibited US companies from negotiating new debt issued by the Venezuelan state and its state oil company.

PDVSA has been declared in default or in suspension of payments by several international financial agencies, by delaying the payment of the maturities of several of its bonds.

Currently, Venezuelan vessels loaded with crude oil are at risk of being seized if they cross Caribbean waters, due to ConocoPhillips' seizure of infrastructure in Curaçao. This affects the ability to export oil and import fuel, said economist Orlando Ochoa.

Operational restriction of PDVSA is aggravated because the own or chartered tankers pose a risk of seizure, "said Ochoa. He warned that this would also affect the purchase of fuel, "even for the generation of electricity".

One of the side effects of the limitations would be the closure of wells due to storage inability and delays in compliance with buyers.

"PDVSA can export via FOB (delivery of crude oil on board the buying vessels), to avoid embargoes," according to Ochoa. The import of fuel arrived at the storage of Curaçao, so they would have to go directly to the national refineries, which -according to the economist- "are less than 25% capacity".

The Venezuelan oil company is unable to propose a payment schedule with ConocoPhillips, because the transaction would have to be approved by OFAC, which has financial sanctions in Venezuela since June of last year.

However, with all the crisis that the country is going through, currently all of PDVSA's resources are unique and exclusively destined for political campaigns; where the staff works without tools, without protection and at the mercy of the common shelter that attacks our workers during the week and the General Managers do nothing about it.

There is not a sheet of paper to print the reports in the main offices; however, we pay large banners alluding to the government ...

Hunger, bullets and death will win ...