Block, Siteadmin, SkipCaptcha, Upload, Automoderated users, delete, edit, move, nsTeam2RO, nsTeam2RW, nsTeam2_talkRO, nsTeam2_talkRW, protect, rollback, Administrators, template
293,570
edits
Changes
Jump to navigation
Jump to search
Line 252:
Line 252: + + + +
→Economy
==Economy==
==Economy==
When [[Hugo Chávez]] came to prominence in the early 2000s, Venezuela moved to nationalize its oil assets, prompting most [[Western]] producers to withdraw. The national oil company, PDVSA, then experienced a debilitating strike in 2002–2003, which sharply curtailed production. After the strike ended, output staged a temporary recovery, reaching approximately 3.3 million barrels per day by 2006. That year marked another turning point: contracts were rewritten or voided, capital spending collapsed, and skilled labor began to leave the country. By 2015, production had slipped to 2.8 million barrels per day, before entering a far steeper decline. According to the most recent IEA data, Venezuelan production now stands near 800,000 barrels per day—nearly an eighty percent drop from levels seen in 2000.
In light of the events of January 2026, many investors began to ask how quickly Venezuelan production might rebound once more. Much of the infrastructure installed during the late 1990s and early 2000s has since been dismantled or stripped for scrap as the country descended into severe poverty. During the PDVSA strike two decades ago, the disruption was brief and occurred while the broader economic fabric remained somewhat intact. As a result, infrastructure survived largely untouched, allowing production to recover.
Restarting Venezuelan heavy-oil production would require capital investment on an extraordinary scale. As one illustrative example, an older industry document indicates that supermajors spent approximately $23 billion in 2010 to bring 600,000 barrels per day of heavy-oil capacity online—roughly $40,000 per flowing barrel. More recent rules of thumb for Canadian heavy oil suggest figures closer to $100,000 per flowing barrel, implying that adding one million barrels per day could require on the order of $100 billion once the cost of an upgrader—an essential component of heavy-oil production—is included.<ref>https://blog.gorozen.com/blog/venezuelas-crude-reality</ref>
===Petroleum and [[REMs]]===
===Petroleum and [[REMs]]===