Why Venezuela’s Vast Oil Wealth Couldn't Prevent Its Collapse

The dramatic events over the weekend in Venezuela have renewed global attention on a country that, on paper, should be one of the world’s great energy powers. Venezuela holds the largest proven oil reserves on Earth, yet its oil industry has been in long-term decline for two decades. Understanding why requires looking past the headlines and into the technical, legal, and political decisions that steadily dismantled what was once a cornerstone of the global petroleum system. The United States confirmed that Venezuelan President Nicolás…Weiter zum vollständigen Artikel bei OilPrice.com Weiter zum vollständigen Artikel bei OilPrice.com