If oil output is estimated at 1.5 million barrels per day (bpd) – and dropping –, commercial exports are estimated at less than a million bpd, with all that, we repeat, going downhill at a steady pace and in a context of radical distrust in those ruling Venezuela today. Nobody wants to invest in Venezuela’s oil sector anymore. Not even in what is left of PDVSA. The Russian and Chinese are signing papers and contracts, but do not invest in the oil sector. The latter are collecting what is owed at usurious rates, and it is not unlikely that the may be considering to get out of the Venezuelan mess
According to some serious oil analysts, Venezuela could be producing today about 5 million barrels per day (bpd) – and even more. But that is not happening. It is estimated that output does not exceed 1.5 million bpd – and dropping. What happened then? It happened that the nation’s political hegemony looted the national oil industry, wiped out its potential for expansion, destroyed immense possibilities for energy development, at least for the 21st century; disrupted the system of domestic refineries and, in sum, may produce the anti-miracle to transform Venezuela into a former oil country.
Regarding our country it is not a nightmare, but a perspective that is even closer to reality. At the end of the 20th century, Venezuela held an important position in the world oil map, and its state oil corporation, PDVSA, too. Today they both became a tiny point, despite the huge reserves of heavy hydrocarbons. And all this happened amid an oil boom.
The responsible at political and operational level for such a tragedy are doing two things. Either they remain silent, or make a few statements without any kind of credibility. And we mean those responsible who present themselves as not corrupt, because the others, the vast majority of corrupt individuals who have obliterated Venezuela’s state oil company, are hiding in their tax havens, or continue to get away with it, thanks to the impunity guaranteed by the "red" hegemony.
Things have turned out well for all oil-exporting countries around the world in this century. All but one: Venezuela. In ruins, amid humanitarian catastrophe, and in process to culminate its oil history miserably, things could not get any worse for it. But so it shall be as long as the red hegemony remains in the same place.