U.S. Focuses on Venezuelan Oil, but Production Low

BOGOTA, Colombia — Even though the United States is considering lifting sanctions so Venezuela can get oil flowing, the reality is the country’s oil sector is ill-prepared to start producing more crude and lower oil prices. rapidly rising oil amid war in Ukraine.

Years of mismanagement, corruption and nationalization of oil companies led to the collapse of Venezuela’s oil industry – which in the 1990s produced 3.2 million barrels per day – in 2020, when production fell to only a tenth of what it was. Production has now more than doubled to around 800,000 barrels a day, but that’s less than 1% of the 100 million barrels that dozens of countries produce daily around the world.


Wj

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