VENEZUELA'S OIL UP

REUTERS - Venezuela's oil production has increased to near 1.9 million barrels per day (bpd) after hitting a historic low last year, according to Manuel Quevedo, oil minister and head of state oil firm PDVSA, who vowed 2018 will see output rise to more than 2.4 million bpd.

The OPEC country is facing an economic crisis, with millions suffering food and medicine shortages. Venezuela relies on oil for about 95 percent of export revenue though output has fallen significantly in recent years.

"The year 2018 will be one of recovery, after having touched a historic low. We are now near 1.9 million barrels of oil per day, thanks to the workers," said Quevedo, a military general, speaking in a television interview.

He gave few details, sticking to general aims like eradicating corruption and placing power in workers' hands as a means to revive Venezuela's oil industry.

Venezuela told OPEC it produced 1.834 million bpd in November, the lowest figure for the year so far. Quevedo implied that December's figure, to be published by OPEC on Thursday, would be higher.

Analysts, however, expect the precipitous decline in output to continue, given the country's economic crisis.

Quevedo blames U.S. sanctions and corruption for the problems, echoing President Nicolas Maduro who says Venezuela is suffering from an "economic war" waged by Washington.

Critics blame a crumbling oil sector, tight and failing currency and price controls and an authoritarian government doubling down on a decade and a half of inept policy.

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Earlier:

2018, January, 10, 12:45:00 VENEZUELA'S OIL DOWN TO 1.7 MBD PLATTS - Venezuelan crude output plummeted in December to 1.70 million b/d, according to the latest S&P Global Platts OPEC survey released Monday.

2018, January, 8, 19:20:00 U.S. - VENEZUELA SANCTIONS U.S.DT - “President Maduro and his inner circle continue to put their own interests above those of the Venezuelan people,” said Treasury Secretary Steven T. Mnuchin. “This action underscores the United States’ resolve to hold Maduro and others engaged in corruption in Venezuela accountable. We call on concerned parties and international partners around the world to join us as we stand with the Venezuelan people to further isolate this oppressive regime.”

2017, November, 17, 19:45:00 RUSSIA - VENEZUELA RESTRUCTURING $3 BLN FT - Russia has come to the aid of Venezuela with a deal to restructure $3.15bn of sovereign debt, allowing Caracas to meet obligations to other creditors and underlining Moscow’s role as the crisis-hit country’s main foreign backer.

2017, November, 14, 17:55:00 VENEZUELA'S SELECTIVE DEFAULT REUTERS - Further complicating the situation, S&P Global Ratings declared Venezuela in selective default after it failed to make coupon payments on bonds due in 2019 and 2024 within a 30-day grace period. The agency warned there was a strong chance it would miss further payments within three months.

2017, November, 7, 12:15:00 VERY IMPORTANT VENEZUELA The step to restructure debt comes as Venezuela stands to receive more revenue for its oil. The country’s crude oil basket price rose to CNY350.75 ($52.90) a barrel Friday, the highest since July 2015. And Venezuela did approve a $1.1 billion principal payment on a PDVSA bond on Thursday.

2017, September, 18, 12:30:00 RUSSIA - CHINA - VENEZUELA OIL “The principal risk regarding Russian and Chinese activities in Venezuela in the near term is that they will exploit the unfolding crisis, including the effect of US sanctions, to deepen their control over Venezuela’s resources, and their [financial] leverage over the country as an anti-US political and military partner,” observed R. Evan Ellis, a senior associate in the Center for Strategic and International Studies’ Americas Program.

2016, August, 17, 18:35:00 CHINA & VENEZUELA COOPERATION “In this underground lies the energy that China needs for the future. Currently, we are sending 600 Mbpd of crude to China, and we expect to increase this trade to more than 1 MMbpd within the next years.”