Long-term pressures on the oil sector in Venezuela won’t be resolved anytime soon, so production woes are expected to continue, a U.S. energy report found. Lingering production declines from Venezuela are supporting higher oil prices. The price for Brent crude oil, the global benchmark, is up nearly 70 percent from this time last year. A country report from the U.S. Energy Information Administration said the Venezuelan oil industry has been mismanaged for decades. More recently, some of the workers at state-run oil company Petroleos de Venezuela , or PDVSA, have been jailed on corruption charges. “This has caused a near-complete paralysis at the company,” EIA’s report read. Venezuela is a member of OPEC. Ministers meeting in Vienna on […]