Venezuela’s Oil Company Nears Collapse
They’re over a barrel. Though oil prices are rising worldwide, Venezuela — which has earth’s largest proven oil reserves — is still floundering, with the state oil company mired in corruption. The nation’s economic crisis, partially spurred by plummeting oil prices in recent years, has left refineries in disrepair and oil production at its lowest levels in 30 years. Meanwhile, last month’s appointment of Major General Manuel Quevedo, who has no industry experience, to lead the state oil company and oil ministry is seen as President Nicolas Maduro’s attempt to stop potential coups.