(WSJ)
Venezuela's battered oil industry bore the burden of Hugo Chávez's socialist dream. Now the charismatic leader's death gives his successors the opportunity to unlock its potential, but few in the oil industry expect an immediate renaissance.
Under Mr. Chávez's rule, a huge oil-sector strike, the firing of thousands of top engineers, poor maintenance, frequent refinery accidents and the diversion of oil revenue into social programs and subsidies to foreign allies crippled Petróleos de Venezuela SA, the national oil company.
Despite arguably having the world's largest oil reserves, Venezuela's oil output fell by nearly a third to about 2.5 million barrels—about ...
Venezuela's battered oil industry bore the burden of Hugo Chávez's socialist dream. Now the charismatic leader's death gives his successors the opportunity to unlock its potential, but few in the oil industry expect an immediate renaissance.Under Mr. Chávez's rule, a huge oil-sector strike, the firing of thousands of top engineers, poor maintenance, frequent refinery accidents and the diversion of oil revenue into social programs and subsidies to foreign allies crippled Petróleos de Venezuela SA, the national oil company.
Despite arguably having the world's largest oil reserves, Venezuela's oil output fell by nearly a third to about 2.5 million barrels—about ...
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