Don’t Hold Your Breath For Venezuelan Oil
Whatever happens with Maduro, years of underinvestment and mismanagement have taken their toll on the country’s oil industry.
The authors of the decimation of Venezuela’s oil industry.
Photographer: Carlos Becerra/BloombergThe longest a human has held their breath is 24 minutes and 3.45 seconds, according to Guinness World Records. Even if every minute were three months, Venezuela’s oil industry won’t be back on its feet by the time you have to come up for air, no matter how the current political chaos plays out.
I’m not going to try to pretend I know how the situation in Venezuela will evolve over the coming days, weeks or months. Almost anything could happen: the quick ouster of President Nicolas Maduro; a protracted period of civil unrest; or the current regime digging in with the support of the military.