According to the China Chemical Network News Venezuela Petroguia oil information network reported on August 8, According to the latest report of the International Energy Agency, OPEC did not perform a 22% reduction in production in July, From the data point of view, after the limited production agreement came into effect, the output reduction from Saudi Arabia, the United Arab Emirates and Venezuela is greater. The crude oil daily output of Venezuela declined 21 million barrels in a year, but the main reason is the lack of capacity.
Venezuela's oil industry is facing the impact of financial difficulties and poor management. The current daily refining capacity is 50 million barrels, can only play 57% of the design capacity.
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