A broken oil platform in the lake. Photo: Fabiola Ferrero for The Wall Street Journal A broken oil platform in the lake. Photo: Fabiola Ferrero for The Wall Street Journalinvestment at state oil company Petróleos de Venezuela SA, known as PdVSA, have slashed output across this nation to levels last seen in the 1980s. Venezuela still holds the world’s largest reserves of crude oil, according to BP PLC. But a close look at its decaying oil industry shows it will struggle to get those reserves out of the ground anytime soon, deepening the country’s worst economic contraction on record. Output in the Lake Maracaibo region in Venezuela’s west has halved since 2015 to an estimated 350,000 barrels a day, according to consultancy IPD Latin America. That is a big reason why Venezuela’s daily overall oil output plunged by 649,000 barrels in December from […]