2024-07-27 02:52:24
Venezuelan voters are called to the polls this Sunday to choose between keeping incumbent President Nicolas Maduro in power, or electing Edmundo Gonzalez, the opposition candidate. After years of hyperinflation that caused poverty to explode and pushed millions of Venezuelans to flee their country, the economy is doing a little better, mainly thanks to an increase in oil production.
Published on: 07/27/2024 – 04:52
1 min
In the space of two years, oil production in Venezuela increased by more than a third. And this, despite the American sanctions against the country. Luis Oliveros is an economist at the Metropolitan University of Caracas: “ Sanctions have eased, for example by granting licenses, exemptions, to Chevron and other foreign private companies to produce oil in Venezuela, especially after Russia’s attack on Ukraine. »
« Venezuela produces more than 3 million barrels per day »
Venezuela has the largest oil reserves in the world. The department is the leading director of foreign exchange for the country. The increase in the production of black gold, which reached 900,000 barrels per day, has helped to emerge from hyperinflation.
But this is not enough compared to the beginning of the 2000s, Luis Oliveros explains: “ In the past, when Hugo Chavez came to power, Venezuela produced more than 3 million barrels per day. Whoever wins the election, the next government should prioritize restoring oil and gas production. »
In addition to sanctions, low oil production is largely explained by the lack of institutional investment in the sector for years.
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