venezuela state oil company pdvsa reports sharp drop in revenues
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Venezuela state oil company PDVSA reports sharp drop in revenues

Arab Today, arab today

Arab Today, arab today Venezuela state oil company PDVSA reports sharp drop in revenues

Venezuela's state-owned oil company
Caracas - Arab Today

Venezuela's state-owned oil company PDVSA revealed on Saturday that its revenues have dropped sharply, spelling bad news for a crisis-torn country heavily reliant on its exports of crude oil.

Revenues in 2016 slumped 33.5 percent compared to the previous year, the company said in a report published on its website.

PDVSA registered $48 billion in income for last year, compared to $72 billion in 2015.

The average price of a barrel of Venezuelan crude declined 21 percent to $35.15 in 2016, down from $44.65 in 2015, it said.

The country's oil ministry has projected that Venezuelan crude would fetch $43.72 a barrel in 2017, but oil prices remain depressed globally.

The South American nation, an OPEC member with the largest proven oil reserves in the world, relies on crude exports for 96 percent of its foreign currency and for around half of government income.

The United States is its biggest customer, buying roughly 40 percent of output. Much of the rest goes to repay loans from China and Russia.

According to PDVSA, Venezuela's oil production has slumped steadily in the past two years, going from 2.9 million barrels per day (mbpd) in 2015, to 2.57 mbpd last year and 1.9 mbpd this year.

It said it had realized cost reductions in 2016 worth $7 billion.

"Despite the unconventional war that it has been a victim of, and the global fall in oil prices, PDVSA continues to promote and participate in activities directed at fostering integral and sustainable development for the country," it said.

According to analysts, years of neglect have seen PDVSA's infrastructure become rundown and exploration curbed, resulting in declining production.

Despite the situation, and given its vital role in reimbursing Venezuela's huge debt amid worries of a default, PDVSA said it will "continue to honor its commitments to international institutions and bond holders in the international market

source:AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

venezuela state oil company pdvsa reports sharp drop in revenues venezuela state oil company pdvsa reports sharp drop in revenues

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

venezuela state oil company pdvsa reports sharp drop in revenues venezuela state oil company pdvsa reports sharp drop in revenues

 



GMT 10:06 2012 Saturday ,28 July

Querrey advances at ATP LA Open

GMT 21:15 2017 Thursday ,01 June

Trump condemns deadly Kabul explosion

GMT 02:15 2017 Thursday ,24 August

Is your country on the Qatar free entry list of 80?

GMT 19:48 2016 Monday ,03 October

Controversial boxing champ Tyson Fury retires

GMT 08:20 2015 Tuesday ,08 December

PC market woes show no sign of easing

GMT 17:27 2017 Tuesday ,25 April

20 Yemeni soldiers killed, injured in explosion

GMT 11:52 2017 Saturday ,30 December

OIC condemns Mar Mina Church attack

GMT 00:03 2017 Saturday ,25 March

Arab Meeting to Examine Anti-Corruption Methods

GMT 13:12 2017 Thursday ,20 April

Deputy premier meets Arab League chief

GMT 14:13 2014 Friday ,10 January

Opel Astra GTC

GMT 18:27 2016 Tuesday ,02 August

Turkish Foreign Minister arrives in Islamabad

GMT 11:27 2016 Tuesday ,13 December

Saudi woman arrested for challenging social norms

GMT 19:56 2017 Thursday ,09 March

Qatar Pavilion Opens at ITB Berlin

GMT 23:34 2013 Thursday ,07 February

New BMW 3 Series Gran Turismo

GMT 12:57 2017 Friday ,13 October

JPMorgan open to digital money if regulated

GMT 04:38 2017 Friday ,10 March

ADNOC opens fifth ADNOC Xpress

GMT 10:30 2017 Friday ,10 November

BDF military contingent honoured

GMT 17:37 2017 Tuesday ,24 January

China jails former Sinopec president for graft

GMT 19:34 2017 Sunday ,14 May

Austria centre-right calls for snap elections

GMT 14:54 2014 Saturday ,29 November

Wall cladding, wallpaper, fabric and wood!
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday