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The baffling thing about this is the vast oil wealth the country controls. Its oil reserves are the largest in the word, yet its economy lies in shambles. That
by apo 7y ago
The baffling thing about this is the vast oil wealth the country controls. Its oil reserves are the largest in the word, yet its economy lies in shambles.
That takes some serious mismanagement.
- nyolfen 7y agothe oil is poor quality and requires constant reinvestment in extraction and refinement infrastructure to remain competitive with other exporters. for various reasons this investment has been neglected for the last decade or two, but it’s not quite a turnkey fix to just decide to sell more oil.
- whatshisface 7y agoThe oil reserves are in shambles too, due to as you said mismanagement. They are a special type of oil that requires extra investment to produce, and the government has failed to make those investments. https://www.forbes.com/sites/rrapier/2019/01/29/charting-the-decline-of-venezuelas-oil-industry/ https://www.forbes.com/sites/rrapier/2019/01/29/charting-the...
- rStar 7y agoThe economy of Venezuela lies in shambles due to US intervention and sanctions. Venezuela has very limited access to the world market.
- gspetr 7y agoEasily untrue. The US has been 40% of Venezuela's oil export[0]. If they wanted to, they could have obliterated Venezuela's economy in a second. [0] https://upload.wikimedia.org/wikipedia/commons/d/d0/EEPPHOTO1.png https://upload.wikimedia.org/wikipedia/commons/d/d0/EEPPHOTO... P.S. I'm Russian and do not have the regional bias.
- rStar 7y agohttps://www.reuters.com/article/us-venezuela-politics-rosneft-exclusive-idUSKCN1RU2A4 https://www.reuters.com/article/us-venezuela-politics-rosnef...
- gspetr 7y agoThere is no mismanagement. This is what happens when organized crime takes control of a country - they milk it for what it's worth and when they are done it is but a lifeless husk. They do not care a wit for the future and the need to reinvest into production or safety[0], they'll use it while they can, extract what they can and then try to flee the country. Most engineers and doctors have already fled the country. [0] This includes the country's power system too, Maduro blamed recent blackouts on US hackers, but the entire system is not even digital, so the attack vector for hacking did not exist in the first place. That, and the recent accident on a hydro plant, reported to have been a diversion, carried out by a lone saboteur with a gun...