Venezuela in freefall
Caracas doesn't have an answer for the accelerating deterioration of the country's oil industry
If anyone should be cheering the oil price rally it's Venezuela. The country was an early agitator for the Opec deal that has finally helped deliver higher prices, and badly needed a price recovery to aid its crisis-stricken economy. But with oil output in freefall, operations paralysed by a military power grab at state-run PdV and the weight of US economic sanctions bearing down, even an oil bull run hasn't been enough to bring cheer to Venezuela. Oil production enters 2018 in the sharpest decline in the country's history. At the end of 2017, Venezuela was producing around 1.62m barrels a day, the lowest point in decades outside the 2002 oil strike, according to figures the country reports
Also in this section
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
1 April 2026
The US-Iran conflict demonstrates the need for diversification in several senses of the word. It also exposes the limits of Washington applying pressure on major oil and gas producers it considers geopolitical adversaries
31 March 2026
Disappointing results in its bidding round are a reality check for Libya, and global exploration generally
