- In March 2019, Venezuela's crude oil production (excluding condensate) averaged 840,000 barrels per day (b/d), down from 1.1 million b/d in February, according to estimates in the U.S. Energy Information Administration's (EIA) April 2019 Short-Term Energy Outlook(STEO, Figure 1).
- The declines in Venezuelan production will have limited effects on the United States, as U.S. imports of Venezuelan crude oil have decreased over the last several years, with average 2018 imports the lowest since 1989.
- Because the power outages in Venezuela resulted from a lack of maintenance of the electricity grid, associated crude oil production declines are considered lost production capacity resulting from mismanagement.
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