Venezuela’s oil production had significantly declined from its previous peak of 3.2 million barrels per day 25 years ago, to roughly 400,000 barrels per day in 2020.

These dynamics majorly skew the production outlook further to the downside for the coming year. Impacts on the U.S. Oil Industry and Global Markets The United States is arguably in a better position ...

Despite a proud history of record levels of production, Venezuela’s oil sector is in such a state of disrepair that desperate locals have resorted to converting PDVSA’s crumbling equipment into scrap ...

Mismanagement Threatens the Future During its 20-year history before Chávez, PDVSA built a reputation for smooth operation and competence, but the 2002-2003 national strike devastated the oil giant.

Venezuela is considering the privatization of its state-owned oil industry, report says By Bryan Pietsch REUTERS/Isaac Urrutia Jan 27, 2020, 11:35 AM PT ...

And by long history, I don’t mean since the 1920s, when Venezuela’s oil boom began. I mean since the 1520s when the promise of pearls wrested from coastal oyster beds transformed the region ...

Over all of 2017, output was down 29%, among the steepest national declines in recent history, driven by mismanagement and under investment at the state oil company, say industry observers and oilmen.

The Venezuelan oil industry has been devastated and the age of oil is fading. Still, oil could be the main lever of Venezuela’s recovery, but it will not be enough.

Many think that the discovery of oil is new for Venezuela, a product of this past century. But its history stretches back hundreds of years. Miguel Tinker Salas, professor of Latin American ...