How Much Further Can Venezuela’s Oil Production Fall?

Ambivalent is the word that best describes the condition Venezuelan President Nicolás Maduro has found himself in. From a formal point of view, his January 10 reinauguration went along smoothly and oil production, the backbone of Venezuelan economy, has managed to bounce back somewhat from the trough it has found itself this autumn. Yet if you look closely, navigating through 2019 might turn out to be even more difficult for the Bolivarian leader than surviving the arduous year of 2018. International pressure is mounting, including Caribbean countries that thusfar have been either supportive or neutral towards the Venezuelan political leadership, all the while PDVSA still struggles to become a „normal” national oil company. More…