Luisa Palacios
The capture of Nicolás Maduro by U.S. forces carries potentially dramatic consequences for Venezuela – including in its oil, gas and mining sectors. A partial recovery could come more quickly than some pessimists have contended. But this optimistic scenario depends on what kind of political leadership comes next.
Despite holding the world’s largest oil reserves, Venezuela’s oil industry has seen production decline over the decade-plus of the Maduro regime by almost 2 million barrels per day to its current level of about 1 million b/d. Oil is not the only natural resource in the country that has experienced this decline. Having the largest natural gas reserves in Latin America, Venezuela was wasting an amount equivalent to Colombia’s annual natural gas consumption by venting it into the atmosphere.
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