Venezuela could make one move that’ll destroy its oil industry

pulse

April 6, 2018 8:26 PM

Venezuela has $9 billion in bonds due this year and repaying them could destroy its oil industry.

Output by Venezuela's state-run oil industry is falling fast.
The country has $9 billion in sovereign bonds due this year.
As President Maduro's government struggles to repay those debts, the decline in oil production could speed up.

The country's oil output dropped a sharp 13% last year — about 300,000 and

"" BMI analysts wrote in a note to clients this week.

"Top leadership positions at [PDVSA] and private oilfield service providers have already been replaced by members of the military in recent months in an effort to consolidate President Maduro's power, thereby weakening the sector for the foreseeable future," the analysts wrote.

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