Staggering debt, crumbling equipment and
infrastructure, and mass worker resignations, have set back Venezuela’s oil
industry decades, with experts saying they see scant prospects of any turnaround.
Venezuelan crude output plummeted in December to 1.70 million b/d, according to
the latest S&P Global Platts OPEC survey released Monday. The output level
represented a decline of 100,000 b/d from November and a low not seen for more
than 15 years, when a major strike from December 2002 to February 2003 hobbled
production. Not counting strike-affected months, Venezuela’s production was
last this low in August 1989, more than 28 years ago. More…
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