From Peak Oil Review: A Midweek Update, 30th June 2016:
The situation in Venezuela, however, is a major threat to the world’s oil supply. So far there have been no reports of a major decline in Caracas’s oil production, but the oil service companies which are owed some $2 billion in back payments have announced reductions in operations. Some US companies have been supporting the Venezuelan oil industry for nearly 100 years. What little food left in the country is going to those with lots of money, political clout, or guns, and widespread starvation is likely unless there is massive foreign intervention with relief supplies in the next few weeks. A societal collapse in Venezuela is likely to be more serious and longer lasting.
The country has been producing about 2.3 million b/d. The government and national oil company are keeping quiet about the current situation amidst fears that the country will default on its bond payments in the 4th quarter when some $4 billion comes due. A loss of a large part of the country’s oil production would obviously have a serious impact on the global oil supply and move prices higher.