Goldman Sachs: Venezuela's crude oil production unlikely to return to its peak due to infrastructure bottlenecks and aging power grid

(1) Goldman Sachs analysts Yulia Zhestkova Grigsby and Daan Struyven pointed out in a research report on September 2 that Venezuela's crude oil production is expected to only recover modestly, limited by bottlenecks such as aging infrastructure and unstable power supply, and is unlikely to recover to pre-2018 levels of over 2 million barrels per day in the next few years. (2) In July, the country's crude oil production was 1.1 million barrels per day, and resolving the above issues quickly would require high costs. (3) Venezuela's exports of crude oil and condensate increased by 400,000 barrels per day year-on-year, and in the past five months, the United States has become its main buyer.