Tag Archives: Venezuela (IPS) — Corruption in the Venezuelan state oil industry

Venezuela’s oil industry is falling apart – opinion

Venezuela’s oil industry is falling apart

 By Humberto Márquez –  Inter Press Service (IPS)

CARACAS, Venezuela (IPS) — Corruption in the Venezuelan state oil industry, denounced by the government itself, and with former ministers and senior managers behind bars, is the latest evidence that, in the country with the largest oil reserves on the planet, the industry on which the economy depends is falling apart.

There was a drop “in the production of crude oil, of a million barrels per day,” economist Luis Oliveros, who teaches at the Metropolitan University, told IPS. In December 2013 output stood at 2,894,000 barrels per day compared to 1,837,000 in November 2017, according to the Organisation of the Petroleum Exporting Countries (OPEC).      Continue reading