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Venezuela’s oil sector in tailspin

The country’s oil sector faces an unprecedented crisis as declining output, economic crisis and political strife take their toll, Nnamdi Anyadike examines what the future may hold for oil production in Venezuela

Venezuela’s economy seems set to continue along its downward trajectory, amid what has now become an almost unprecedented crisis for the country’s oil sector.

At the time of printing, the country was still preparing for its presidential elections on May 20. And whether the country chooses to
proceed on its socialist path, under the current President Nicolas Maduro, or instead votes to replace him with his pro-market challenger Henri Falcon, either candidate will have a mountain to climb to rescue Venezuela’s oil-based economy.

John R. Auers, executive vice president, Turner, Mason & Company told Tank Storage Magazine that oil production declines will continue with no end in sight. ‘Even if in what seems now an unlikely peaceful transition t...

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