Articles

Affichage des articles du avril, 2019

Venezuela’s Humanitarian, Economic and Political Crisis Analysis

Venezuela, one of the founding members of the OPEP produced an average crude oil production of 2.5mn barrels per day (bpd) in 2016. This oil production has fallen dramatically to 1.23mn bpd today mostly due to underinvestment and a huge debt load. Since 2010, the country has been facing a socioeconomic crisis which is the worst economic crisis in its history and among the worst crises experienced in the Americas, with hyperinflation, soaring hunger, disease, crime and death rates, and massive emigration from the country. PDVSA is the Venezuelan state-owned oil and natural gas company. It has activities in exploration, production, refining and exporting oil as well as exploration and production of natural gas. Since its founding in January 1976 with the naturalization of the Venezuelan oil industry, PDVSA has dominated the oil industry of Venezuela and is the world's fifth largest oil exporter. Oil reserve in Venezuela are the largest in the world (302bn barrels) and the state-owned…