CARACAS: Venezuelan state oil company PDVSA’s revenue from oil and fuel sales in 2016 dropped 34 percent from the previous year to $48.0 billion, the company said in its annual financial results published Friday night, hurt by lower production and oil prices.
Net profit crashed nearly 90 percent to $828 million from $7.3 billion the previous year, the company added.
Economists tend to focus on PDVSA’s PDVSA.UL revenue because of its multibillion-dollar contributions to anti-poverty campaigns, which make profit figures less relevant in assessing performance than for private firms. The OPEC nation, led by unpopular leftist President Nicolas Maduro, has the world’s largest crude reserves, at around 300 billion barrels. But production has been dropping due to a severe economic crisis, underinvestment, and shortages of basic equipment in oil fields. (Full Story)
PDVSA said average crude oil production, including natural gas liquids dropped to 2.57 million barrels per day, from 2.9 million in 2015. Exports, meanwhile, averaged 2.19 million barrels per day, from 2.4 million the previous year.
Published in Daily Times, August 13th 2017.
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