Retrieved from GlobalMedia
Since the high point of 1998, Venezuela’s oil industry has collapsed. In 2013 it 2.5 million barrels per day, making up 85% of exports and 25% of GDP. In 2017 production was still above 2 million barrels, crashing in 2018 as sanctions, lack of investment and spare parts, and poor management took their toll. By Andries Wantenaar.
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