Venezuela’s oil industry has witnessed a prolonged decline due to a combination of depressed oil prices, economic mismanagement and US sanctions. During this period, PDVSA’s operational capabilities have also weakened considerably. Venezuela’s oil industry has witnessed a prolonged decline due to a combination of depressed oil prices, economic mismanagement and US sanctions. During this period, PDVSA’s operational capabilities have also weakened considerably.
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Why ONGC wants a stake in two Venezuela oilfields — and needs US approval
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