Nope. Don't blame the U.S. for the horrible destruction of PDVSA by Chavez and then by Maduro. PDVSA was once a world class National Oil Company. Socialist politics gutted PDVSA until it now barely functions. Chavez put a military general with no apparent oil & gas experience in charge of PDVSA. Venezuela's National Oil Company has been about political cronyism and favoritism for years now, instead of actually producing oil. ================================= ?Foreign operators lost confidence after PdVSA, which for years had failed to meet its full budgetary requirements, reportedly stopped making all payments into the JVs? budgets,? the report concluded. ?Having reduced capex, foreign operators are effectively limiting their exposure and cutting back on operations. Production looks set to plummet further in 2018.?
Something interesting to share?
Join NrgEdge and create your own NrgBuzz today
Headline crude prices for the week beginning 10 February 2020 – Brent: US$53/b; WTI: US$49/b
Headlines of the week
Global liquid fuels
Electricity, coal, renewables, and emissions