Фото: Matias Delacroix / AP
Venezuela, whose oil industry suffered from US sanctions, the coronavirus pandemic, and the price war between Russia and Saudi Arabia, began selling its crude oil for less than $5 per barrel. However, no one wants to the crude oil from Venezuela, with the exception of those who are willing to violate the sanctions.
As the country lacks sufficient storage space, it is thus forced to reduce the production to the level of 450 thousand barrels a day.
A number of oil wells in the country has already been shut, the workers of remaining wells have been ordered to stop the production.