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Venezuela to face severe crisis if crude production falls, says advisor to central bank

February 18, 21:02 UTC+3 CARACAS

The former ambassador to Russia recalled that the capacity of Venezuela's oil sector has been falling for several years

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CARACAS, February 18. /TASS/. Venezuela will face a severe economic crisis if its oil production continues going down, Advisor to the Central Bank of Venezuela and former Venezuelan Ambassador to Russia (2003-2005) Carlos Mendoza Pottela said in an interview with TASS.

"The capacity of the oil sector has been falling for several years already. If it continues falling the economic crisis will be very severe," he said, adding that "revenues from sales of crude oil account for 95% of foreign currency flowing to Venezuela."

"It is necessary to pour funds in the development constantly for at least maintaining the production level, whereas for raising it even greater funds are needed," he emphasized. "The decline started in 2007, while in 2017 the (production) level was around 1.450 mln barrels per day, and it is even lower now," the official said, adding that "it is the level of 1947.".

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