Venezuela Oil Decline Leaves Prospects for Largest Reserves

Bloomberg reported that the late president Hugo Chavez leaves his successor the job of reviving the country’s oil fields after his policies of limiting investment and banning drillers from the US have lowered their production by 13% over the last decade.

As quoted in the market news:

As Chavez languished for 21 months with cancer, Venezuela’s bureaucracy let the nation’s oil infrastructure languish. A critical $233 billion development of fields, pipelines and refineries fell behind schedule in the country’s Orinoco heavy oil belt, which may hold more crude reserves than Saudi Arabia, according to a U.S. Geological Survey study.

Click here to read the full Bloomberg report.