Spanish oil and gas firm Repsol expects production in Venezuela to drop to about 50,000 barrels per day (bbl/d) this year from 62,000 bbl/d in 2018, its CEO said on Feb. 28.

“We are taking into account 50,000 barrels per day all in all, combining the gas and oil production. It’s a lower figure than we had in 2018 and it will be 25 or 26,000 barrels per day lower than we had two years ago,” CEO Jose Jon Imaz told analysts on a conference call.

In Venezuela, where hyperinflationary economic meltdown has created food and medicine shortages, Repsol had proven reserves of 514 million barrels of oil equivalent at the end of 2018, according to data published in its annual report on Feb. 28.