Venezuela’s rig count… Bloomberg – Commodity Research Group

November 8, 2017 by Jim Colburn Leave a Comment

Lucia Kassai, Bloomberg, reminds us that Venezuela’s oil industry is in decline:

“The number of active oil rigs in Venezuela is heading for a second annual decline, Baker Hughes Inc. data published Tuesday showed. That means lower output and a drop in the much-needed dollars the country requires to service its debt. Once Latin America’s largest oil producer, Venezuela lost the top spot to Brazil amid triple-digit inflation, unpaid debts to oil-service companies and lack of investment.”

Here is a nice chart from tradingeconomics.com:

(Through July 2017)

Commodity Research Group (CRG), founded by veteran analyst Edward Meir, is an independent research consultancy specializing in base and precious metals, as well energy products. The Group provides research and general price analysis for these markets, along with advice to companies seeking to construct commodity hedging strategies.

Our associates bring decades of experience to the table, as they seek to help our clients understand the markets. CRG will distill the myriad of pricing variables mentioned above into coherent research that is to-the-point and tailored to a clients hedging or pricing needs. In addition, CRG is available for consulting assignments and speaking engagements. CRG does not manage money or trade for itself.

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