The decline of the Venezuelan oil industry
President Hugo Chávez’s oil nationalism is wreaking havoc on Venezuela’s oil industry. Oil production has stagnated and threatens to decline even further. But Chávez has one last ace up his sleeve: the oil sands in Orinoco, that harbour more oil than Saudi Arabia....
The decline of the Venezuelan oil industry
President Hugo Chávez’s oil nationalism is wreaking havoc on Venezuela’s oil industry. Oil production has stagnated and threatens to decline even further. But Chávez has one last ace up his sleeve: the oil sands in Orinoco, that harbour more oil than Saudi Arabia.