Venezuela's oil output in the Orinoco Belt, its richest region and which accounts for almost two-thirds of the total production, has plummeted since the U.S. began enforcing a blockade of sanctioned tankers in December, according to a new report.
Citing internal data at state-run oil company PDVSA, Bloomberg detailed that production in the region dropped 25% from two weeks prior. The company has begun shutting some wells because it's running out of storage unit as it continues to be unable to load oil in tankers. This represents a major blow to the Nicolas Maduro regime, as more than 95% of the country's revenue comes from oil sales.
