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Venezuelan oil production dipped dramatically before any serious US sanctions were introduced. The nationalization of the oil industry and replacing profession
by javagram 8y ago
Venezuelan oil production dipped dramatically before any serious US sanctions were introduced.
The nationalization of the oil industry and replacing professionals with incompetent cronies was the cause of Venezuela’s current crisis, not something the US orchestrated.
See https://www.forbes.com/sites/rrapier/2017/05/07/how-venezuela-ruined-its-oil-industry/#5477693e7399 https://www.forbes.com/sites/rrapier/2017/05/07/how-venezuel...
From a couple years ago. I saw a more recent graph somewhere and the problems have grown even more acute.
- bbatha 8y agoOPEC (which Venezuela is a member of) opted to open the taps in 2014 to counter rising competition from US fracking[1]. The drop in oil price was at least in part of their own creation! Additionally, the Venezuelan policy choices since Chavez have significantly reduced economic diversity and increased reliance on Oil, and the population's reliance on the state oil companies.[2] 1: https://www.theguardian.com/business/2015/dec/07/opec-plan-kill-us-shale-oil-price-down-seven-year-low https://www.theguardian.com/business/2015/dec/07/opec-plan-k... 2: (warning pdf) https://web.archive.org/web/20131021050303/http://larc.ucalgary.ca/sites/larc.ucalgary.ca/files/dr._stephen_randall_the_chavez_legacy_march_2013.pdf https://web.archive.org/web/20131021050303/http://larc.ucalg...
- agumonkey 8y agoBy the time Venezuela stability is restored, oil will be worthless if not banned.