Venezuela’s Oil Shipments Drop 40 Percent After U.S. Sanctions

Venezuela's oil industry took a major hit after the U.S. slapped energy sanctions on the country's exports last month, causing them to plummet 40 percent.Exports are down to 920,000 barrels per day of crude and fuel, a significant drop from between 1.47 million and 1.66 million barrels per day Venezuela exported in the three months before the Trump administration's January 28 sanctions, according to a Reuters analysis and data from the country's state-owned oil company, PDVSA.About 70 perce