October 14, 2019

Venezuelan oil output could be halved without Chevron waiver extension: analysts

Featuring ​Neil Bhatiya

Source: S&P Global

Journalist Brian Scheid

Venezuelan oil production, already averaging a historic low near 600,000 b/d, could quickly plummet below 300,000 b/d if the Trump administration allows a waiver for Chevron and four US oil services companies to expire next week, analysts told S&P Global Platts.

"I think you'd see it go certainly to under 300,000 b/d within a month," said Neil Bhatiya, an associate fellow with the Center for a New American Security. "The question after that is whether and how fast there is backfilling by Chinese, or, more likely, Russian state firms. It will take a while though, so a Chevron-less Venezuela will probably be in the [sub-300,000 b/d] zone for the remainder of the calendar year."

Read the full article and more in S&P Global.

Authors

  • ​Neil Bhatiya

    Associate Fellow, Energy, Economics, and Security Program

    Neil Bhatiya is the Associate Fellow for the Energy, Economics, and Security Program at the Center for a New American Security. His work focuses on how the United States uses ...