Venezuelas Oil Industry: A Decade-Long Rebuild Amidst Corruption and SanctionsVenezuelas oil production has plummeted from 3.4 million barrels per day in 1997 to just 1 million today, despite holding the worlds largest proven oil reserves. The state-run company PDVSA, under leaders Hugo Chavez and Nicolas Maduro, left fields, pipelines, and rigs in ruins. Analysts at UBS attribute this to decades of poor oversight, brain drain, and strikes.President Trump has promised to send in oil companies to rebuild infrastructure and start pumping cash, but experts doubt it can happen fast. Lifting sanctions might add hundreds of thousands of barrels soon, but hitting pre-Chavez levels again demands ten billion dollars a year in steady investment and security.Joe DeLaura at Rabobank estimates it could take five to ten years minimum, much like Iraq after the 2003 invasion. Low output means little short-term hit to global oil prices, which are already dropping. Brent crude sits at sixty-one dollars a barrel, down from seventy-six last year. Checkout Solipillow.com

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