At the turn of the century, Venezuela’s daily oil production was around 3 million barrels per day, but output dramatically declined during the reign of former President Hugo Chavez, a former military officer who took control in 1999. Venezuela sits atop the world’s largest proven oil reserves.
“Venezuela’s oil production has collapsed in recent years,” Juan Carlos Hidalgo, a policy analyst at the libertarian Cato Institute who specializes in Latin America, told The Daily Caller News Foundation.
“Years of mismanagement, corruption and underinvestment are taking a toll,” Hidalgo said. “Oil has long been a terribly distorting factor in Venezuela’s political system.”
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