Venezuela: the decline of an oil giant in crisis

4 months ago
Venezuela: the decline of an oil giant in crisis

Published Friday 14 January 2022

Leaks, rusted pipes, pieces of broken equipment scattered about and staircases leading nowhere: Lake Maracaibo's oil field is a metaphor for Venezuela's once-flourishing petroleum industry that is now on its knees. More than a century ago, the Maracaibo basin in northwestern Zulia state was the birthplace of a business that transformed the country into one of the world's 10 largest oil producers and a Latin American economic heavyweight. By 2008, the country was producing 3.2 million barrels of oil a day. Just 13 years later, it can only muster 500,000 to one million barrels per day amid a grinding economic crisis marked by years of recession and hyperinflation. Venezuela's gross domestic product per capita is now similar to that of Haiti.

Full story at AFP

Nfl Ap Pro Leaks Inflation Venezuela Equipment Scattered Staircases Maracaibos Metaphor Venezuelas Once Flourishing

Details About the Article "Venezuela: the decline of an oil giant in crisis"

This article was originally published by AFP and was recommended by Energy48 a couple of days later due to its popularity. It has gotten a lot of attention and 14 comments have been submitted since it was published in January of 2022. The article "Venezuela: the decline of an oil giant in crisis" is a news post and categorized as Energy by and the main topics includes Nfl, Ap, Pro, Leaks, Inflation, Venezuela, Equipment, Scattered, Staircases, Maracaibos, Metaphor, Venezuelas & Once Flourishing.

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