At the dawn of the 1920s, Venezuela had drilled its first oil wells and was just two years away from the eruption of almost a million barrels of oil from the Barroso No. 2 well on the shores of Lake Maracaibo — an event that would amplify the country’s oil ambitions and alter its fortunes forever.
Few would have guessed that almost a century later, Venezuela’s oil production per citizen would be lower than in 1926. Once a major OPEC producer, Venezuela has witnessed a spectacular fall in oil production over the last 20 years under Hugo Chávez and Nicolás Maduro. In 2019, U.S. sanctions hastened this decline. Will Venezuela ever reclaim its place as a top oil producer?....
EN: https://www.thedialogue.org/analysis/can-venezuelas-oil-industry-ever-recover/
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