c-oil-RTX2F3WO-Carlos Garcia Rawlins

Venezuela’s economy is even worse after mismanaging its national oil company

2.4 million

Venezuela’s oil production dropped from 3.2 million barrels per day in 2008 to 2.4 million barrels in 2016. Oil revenues account for around half of the country’s GDP.

Published   |  Photo by Reuters/Carlos Garcia Rawlins
c-oil-RTX2F3WO-Carlos Garcia Rawlins
2.4 million

Crude oil production in Venezuela

c-oil-RTX2F3WO-Carlos Garcia Rawlins
2.4 million

Similar to the days of former president Hugo Chávez, current leader Nicolás Maduro continues to politicize Petróleos de Venezuela (PDVSA), the national oil company.

c-oil-RTX2F3WO-Carlos Garcia Rawlins
2.4 million

The government is replacing executives with political appointees. And managers are asking employees to support Maduro in rallies and votes, or risk being fired.

c-vene-RTXYSWO-Tomas Bravo

Reuters/Tomas Bravo

c-oil-RTX2F3WO-Carlos Garcia Rawlins
2.4 million

Falling oil prices coupled with political, social, and economic upheavals are putting the company under huge pressure.

c-oil-RTX2F3WO-Carlos Garcia Rawlins
2.4 million

Brent crude oil price

c-oil-RTX2F3WO-Carlos Garcia Rawlins
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Besides a drop in production, the number of PDVSA’s active oil rigs is falling, from 74 in 2015 to 49 in 2017.

c-oil-RTX2F3WO-Carlos Garcia Rawlins
2.4 million

Internal fights and inexperienced executives are also making things worse. While it used to take three days for the company to load an oil tanker, now it takes at least 30.

c-oil-RTX2F3WO-Carlos Garcia Rawlins
2.4 million

Number of oil rigs in Venezuela

Published

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