Big Investors Shun Venezuela’s Flagship Oil Industry Event

Venezuela’s biggest annual gathering of oil investors used to be a memorable affair: thousands of oilmen from around the world would arrive, greeted by statuesque models, and attend whisky-fueled after-parties. The deal-making could run into the billions. This year’s event was a far cry from previous years’ bashes, where hordes of investors would clamor for a stake in the country with the world’s largest oil reserves. “It used to be much bigger,” lamented Hugo Hernández, a former head of the Venezuela Petroleum Chamber, reminiscing about the days when 40,000 participants would show up. “You know how the situation is in the country. Now many people don’t come.” More…