Half of Venezuela's Oil Rigs May Disappear If U.S. Waivers Lapse

A looming U.S. sanctions deadline is threatening to clobber Venezuela’s dwindling oil-rig fleet and hamper energy production in the nation with the world’s largest crude reserves.

Almost half the rigs operating in Venezuela will shut down by Oct. 25 if the Trump administration doesn’t extend a 90-day waiver from its sanctions, according to data compiled from consultancy Caracas Capital Markets. That could further cripple the OPEC member’s production because the structures are needed to drill new wells crucial for even maintaining output, which is already near the lowest level since the 1940s.

A shutdown in the rigs will also put pressure on Nicolas Maduro’s administration, which counts oil revenues as its main lifeline. The U.S. is betting on increased economic pressure to oust the regime and bring fresh elections to the crisis-torn nation, a founding member of the Organization of Petroleum Exporting Countries and Latin America’s biggest crude exporter until recent years.

Half of Venezuela's Oil Rigs May Disappear If U.S. Waivers Lapse 2d9a976cfcd68681b7c966419c0b6d88

Half of Venezuela's Oil Rigs May Disappear If U.S. Waivers Lapse 2d9a976cfcd68681b7c966419c0b6d88

https://news.yahoo.com/half-venezuelas-oil-rigs-may-191909522.html

Half of Venezuela's Oil Rigs May Disappear If U.S. Waivers Lapse

Half of Venezuela's Oil Rigs May Disappear If U.S. Waivers Lapse

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