Once a Cash Cow, Venezuela’s Oil Company Now Verges on Collapse

29 Dec 2017   Venezuela

A general with no energy experience has been installed as the head of the state oil company. Arrest s, firings, and desperate emigration have gutted top talent. Oil facilities are crumbling, while production is plummeting. As the rest of the oil-producing world recovers on the back of stronger energy prices, Venezuela is getting worse, the result of dysfunctional management, rampant corruption, and the country’s crippling economic crisis. The deepening troubles at the state oil company, the country’s economic mainstay, threaten to further destabilize a nation and government facing a dire recession, soaring inflation, and unbridled crime, as well as food and medicine shortages. When energy prices started to crater several years ago, Venezuela […]

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