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Venezuela Oil Production Drops Sharply

Venezuela registered its biggest monthly oil-production decline in a decade in May, signaling further trouble for a country already enduring severe economic hardship, The Wall Street Journal reports.

"This is very surprising," said Francisco Monaldi, fellow in Latin American energy policy. "If you want to point to the biggest problem, it is cash flow, which for PdVSA now looks worse that we had imagined."

The Wall Street Journal (subscription required):