But actually Venezuela is one of the countries where at this price level, production is still profitable. Check this link out, where they explain the concept i

But actually Venezuela is one of the countries where at this price level, production is still profitable. Check this link out, where they explain the concept in detail: http://www.bbc.com/news/business-29643612 http://www.bbc.com/news/business-29643612 If Venezuela were to adopt a model like Norway for instance, where all oil income goes to a sovereign fund and it is not to be touched for anything other than building infrastructure, I can bet that the economy would be in good shape. And the reason is simple, people and the govt included, would have to learn to live by their own means.