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
19 March 2026
The regional crisis highlights the undervalued role of fixed pipelines in the age of tanker flexibility
18 March 2026
Rising LNG exports and AI-driven power demand have raised concerns that US gas prices could climb sharply, but analysts say abundant shale supply and continued productivity gains should keep Henry Hub within a range that preserves the competitiveness of US LNG
18 March 2026
Risks of shortages in oil products may cause world leaders to panic and make mistakes instead of letting the market do what it does best
17 March 2026
The crisis in the Middle East has put LNG’s ability to offer security and flexibility under uncomfortable scrutiny
