# Crisis-hit Venezuela's oil output plummets in 2017 to decades low | Reuters

> Venezuela's crude production fell nearly 13 percent in 2017 to 2.072 million barrels per day, down from 2.373 million bpd in 2016. The decline of almost 300,000 bpd was one of the largest unplanned output drops of the year.

- Date: 2018-01-18 · published 2018-01-18T12:00:00.000Z
- Category: report · region Venezuela · magnitude medium
- Page: https://feedsoft.ai/events/66901-crisis-hit-venezuela-s-oil-output-plummets-in-2017-to-decades-low-reuters
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Lost Venezuelan barrels tighten global crude supply, which supports oil prices and the energy costs behind feed milling and transport.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2026-01-09 | [OPEC oil output falls in December on Iran and Venezuela, Reuters survey finds \| Reuters](https://feedsoft.ai/events/20971-opec-oil-output-falls-in-december-on-iran-and-venezuela-reuters-survey-finds.md) | +3.7% | +9.6% |
| BRENT | 2022-11-30 | [OPEC oil output drops in November after cut pledged -survey \| Reuters](https://feedsoft.ai/events/38584-opec-oil-output-drops-in-november-after-cut-pledged-survey-reuters.md) | -4.2% | -0.8% |
| BRENT | 2021-07-21 | [Oil climbs over 4% despite rise in U.S. inventories \| Reuters](https://feedsoft.ai/events/6367-oil-climbs-over-4-despite-rise-in-u-s-inventories-reuters.md) | +7.2% | -0.7% |
| BRENT | 2024-01-31 | [OPEC oil output falls in January on new cuts, Libya - survey \| Reuters](https://feedsoft.ai/events/32028-opec-oil-output-falls-in-january-on-new-cuts-libya-survey-reuters.md) | -4.8% | +0.3% |
| BRENT | 2017-01-05 | [OPEC oil output falls from record high ahead of planned cuts - Reuters survey](https://feedsoft.ai/events/72911-opec-oil-output-falls-from-record-high-ahead-of-planned-cuts-reuters-survey.md) | -2.1% | +0.4% |
| WTI | 2026-01-09 | [OPEC oil output falls in December on Iran and Venezuela, Reuters survey finds \| Reuters](https://feedsoft.ai/events/20971-opec-oil-output-falls-in-december-on-iran-and-venezuela-reuters-survey-finds.md) | +2.4% | +10.3% |
| WTI | 2021-07-21 | [Oil climbs over 4% despite rise in U.S. inventories \| Reuters](https://feedsoft.ai/events/6367-oil-climbs-over-4-despite-rise-in-u-s-inventories-reuters.md) | +6.4% | -1.2% |
| WTI | 2024-01-31 | [OPEC oil output falls in January on new cuts, Libya - survey \| Reuters](https://feedsoft.ai/events/32028-opec-oil-output-falls-in-january-on-new-cuts-libya-survey-reuters.md) | -6.0% | +1.3% |

## Sources

- reuters.com: https://www.reuters.com/article/business/crisis-hit-venezuelas-oil-output-plummets-in-2017-to-decades-low-idUSKBN1F72JL/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.