US SEEKS TO SUPPORT VENEZUELA’S OIL INDUSTRY AMID SHARP DECLINE

BY PATIENCE SAMBA

                         Photo Courtsey 

The U.S. President has pledged diplomatic support and is exploring ways to ease certain sanctions and encourage foreign investment to help stabilize Venezuela’s struggling oil sector. Despite these efforts, Venezuela’s oil production continues to decline due to aging infrastructure, underinvestment, and mismanagement within the state-run oil company PDVSA. Corruption and operational inefficiencies have caused frequent production stoppages, while political instability and economic turmoil have compounded the crisis, leaving the country’s once-thriving oil industry at historic lows and significantly reducing government revenue.


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