BriefingThe Americas

Venezuela’s Oil Industry Is in Deep Trouble, but Things Could Get Even Worse

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A demonstrator holds up a sign that reads, in part, “Maduro giving oil to Cuba and the people dying of hunger, Enough is enough,” in front of a line of police officers during a protest, Caracas, Venezuela, Aug. 16, 2018 (AP photo by Ariana Cubillos).
A demonstrator holds up a sign that reads, in part, “Maduro giving oil to Cuba and the people dying of hunger, Enough is enough,” in front of a line of police officers during a protest, Caracas, Venezuela, Aug. 16, 2018 (AP photo by Ariana Cubillos).
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Venezuela’s flailing oil industry has helped prop up global energy prices even as Saudi Arabia and Russia open the spigots and global oil demand remains robust. Though oil prices have recovered from their lows during the price collapse in 2015, Venezuelan output has since seen an incredible decline of 1 million barrels per day. The drop in oil production is further squeezing the Venezuelan economy, which faces critical shortages of goods and ballooning inflation that is expected to reach an astounding 1 million percent this year. But could Venezuela’s oil production decline even more steeply? Three evolving developments will largely […]

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