PDVSA Crude Output Plunges on Venezuela Power Cuts
- Nationwide blackout has persisted for nearly four days now
- No exact information from official sources; communication down
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Oil production in Venezuela has collapsed due to power blackouts throughout the country with state-owned Petroleos de Venezuela and its joint venture partners struggling to operate wells and other facilities due to the electrical problems which began four days ago, according to a senior Oil Ministry official.
Oil wells were halted and production stopped in some parts of the country as the industry depends on the national electricity grid, said the official, who asked not to be named since he’s not authorized to speak publicly on the matter. The person didn’t provide details on the scope or duration of the stoppage but described the cuts as severe.