Sunday, September 26

Crisis in Venezuela | How long would it take the country to reactivate its oil industry (and why it is vital to economic recovery)

  • Norberto Paredes @norbertparedes
  • BBC World News

Venezuela flag and oil barrels.

Image source, Getty Images

At the end of 1994, before Hugo Chávez became president of Venezuela, PDVSA, the state oil company, was the second largest in the world.

With a production of about 3 million barrels per day (mbd), it competed with the powerful Saudi company Aramco and was more relevant than giants such as ExxonMobil, BP and Royal Dutch-Shell, according to a Petroleum Intelligence Weekly (PIW) report published that time. anus.

Today, from that PDVSA (acronym for Petróleos de Venezuela) the name remains and a worn out infrastructure.

According to the Minister of Petroleum, Tarek El Aissami, Venezuela averaged about 400,000 barrels a day in 2020, levels from the 1930s.

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