7/23/2020, 7:22 am
Oil production in Venezuela has plummeted to levels from nearly a century ago.
Socialism is not very good at most things, but it is very good at destroying economies and production. If Venezuela were a desert, they'd be running out of sand right about now.
“Venezuela is approaching the level we had in 1929 and per capita the level we had almost 100 years ago,” said economist Francisco Monaldi
In the middle of the 21st century, Venezuela's oil industry regressed 77 years to the point where crude oil production fell to historic lows that are reminiscent of 1943.
OPEC reports revealed that in June, oil production fell to record lows. According to data from June, the South American country only produced 393,000 barrels per day (BPD), which is 52% less than the average of 821,000 BPD in the first quarter.
According to economist Francisco Monaldi, director of the Latin American Energy Program at the Baker Institute in Houston, Venezuela's oil production is reaching the level the country had in 1929.
“Venezuela's oil production is nearing the level we had in 1929, and per capita production is closer to what we had almost 100 years ago. Moreover, we should be producing more than four million barrels per day. In other words, we produce less than 10% of what we should,” he said on Twitter.
Exports also declined along with oil production owing to the deteriorating condition of Venezuela's refineries and the sanctions levied by the Trump administration to pressure Nicolás Maduro' s exit.
The regime blames state sanctions for the drop in production, but since 2016, before the imposition of measures from Washington D.C., there has been a downturn due to years of disinvestment and mismanagement.
Socialism is not very good at most things, but it is very good at destroying economies and production. If Venezuela were a desert, they'd be running out of sand right about now.
In the middle of the 21st century, Venezuela's oil industry regressed 77 years to the point where crude oil production fell to historic lows that are reminiscent of 1943.
OPEC reports revealed that in June, oil production fell to record lows. According to data from June, the South American country only produced 393,000 barrels per day (BPD), which is 52% less than the average of 821,000 BPD in the first quarter.
According to economist Francisco Monaldi, director of the Latin American Energy Program at the Baker Institute in Houston, Venezuela's oil production is reaching the level the country had in 1929.
“Venezuela's oil production is nearing the level we had in 1929, and per capita production is closer to what we had almost 100 years ago. Moreover, we should be producing more than four million barrels per day. In other words, we produce less than 10% of what we should,” he said on Twitter.
Exports also declined along with oil production owing to the deteriorating condition of Venezuela's refineries and the sanctions levied by the Trump administration to pressure Nicolás Maduro' s exit.
The regime blames state sanctions for the drop in production, but since 2016, before the imposition of measures from Washington D.C., there has been a downturn due to years of disinvestment and mismanagement.
