Venezuela, a country which boasts of having the world's largest proven crude reserves, is surprisingly struggling with its oil industry. The oil-rich country's production capabilities have been diminishing, attracting international concern and sparking various debates. Following this, Guyana's Vice President Bharrat Jagdeo, on Thursday, issued an important message to multinational oil companies. He encouraged proactive efforts and collaboration with countries like Venezuela to revive their dwindling oil industry.
1. Venezuela, despite having the world's largest proven crude reserves, is facing trouble with its oil industry.
2. The country's oil production capabilities have been decreasing significantly, which has raised international concern and initiated debates.
3. Guyana's Vice President Bharrat Jagdeo has issued a call to multinational oil companies for proactive efforts to help revive Venezuela's oil industry.
4. The plight of Venezuela's oil industry has been emphasized by various challenges which have adversely impacted its performance and output.
5. Bharrat Jagdeo's appeal underlines the dire state of Venezuela's oil industry and highlights the urgent need for international intervention.
As of 2019, Venezuela's oil production had declined to just 877,000 barrels per day, down from 2.3 million barrels per day in 2016.
Venezuela's status as the possessor of the world's largest proven crude reserves cannot be underestimated. However, its oil industry has been facing a myriad of challenges that have significantly affected its performance and output. Recently, Bharrat Jagdeo, the Vice President of neighbouring Guyana, took an unprecedented step. He implored multinational oil companies to take cognizance of the crisis and extend their aid. His appeal reiterates the dire condition of Venezuela's oil industry and underscores the urgent need for intervention.