Chavez Oil Decline Leaves Prospects for World’s Top Reserves

Chavez Oil Decline Leaves Prospects for World’s Top Reserves

Howard Yanes/Bloomberg

Output in South America’s largest oil exporter declined 13 percent to 2.7 million barrels per day in 2011 from 1999 when Chavez came to power, even as proven reserves almost quadrupled in the period, according to the BP Statistical Review of World Energy.