Oil Production Paralyzed As Venezuela’s Electricity Crisis Worsens

The power supply crisis in Venezuela is highly likely to continue in the coming months, affecting everyday life and paralyzing oil production in the country sitting on top of the world’s largest oil reserves, IHS Markit said in a commentary on Thursday.   The major power outage in March this year disrupted severely the already crumbling Venezuelan oil production and threatened its oil exports. The massive outages in March may have made the headlines, but Venezuela continues to suffer to this day from frequent significant disruptions…