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IEA’s Birol says Venezuela oil production in “free fall”

The International Energy Agency’s Executive Director Fatih Birol said on Tuesday that Venezuela’s crude production was in “free-fall” and could soon fall below 1 million barrels per day.

Speaking to Reuters on the sidelines of the Africa Oil Week conference in Cape Town, Birol also said he hoped oil prices would not rise above current levels this year because it would be bad for the “fragile” global economy.
Source: Reuters (Reporting by Wendell Roelf and Ed Stoddard Editing by Tiisetso Motsoeneng)

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