Does Venezuela need to hit rock bottom to find oil recovery?

Does Venezuela need to hit rock bottom to find oil recovery?

For months, the Trump administration resisted calls to sanction crude flows out of Venezuela, fearing the US would be blamed for the ultimate collapse of the South American nation’s once-mighty oil sector. Venezuela’s oil industry was already teetering towards disaster – there was no need for US policy to push it off the cliff. By the time Trump administration officials unveiled sanctions on PDVSA, Venezuela’s state-owned oil company, in January, the country’s oil output had fallen below 1.22 million b/d, down roughly 800,000 b/d since President Trump’s inauguration and roughly half the level of production when President Nicolas Maduro […]

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