Socialist Venezuela’s state-owned oil company Petróleos de Venezuela S.A. (PDVSA) is close to collapse, beset with an ever-growing array of new and growing problems.
Venezuela’s oil refineries worked at 31 percent of their capacity in the first quarter in 2018, well below 2017 levels. Venezuela has not seen such low levels of oil production since the 1980s. Average oil production declined dramatically over the past two years, by 12 percent in 2016 and again by 13 percent in 2017. Production in December 2017 was 27 percent lower than a year earlier.
Late last year, Venezuela’s Socialist president Nicolás Maduro appointed a military man, Major General Manuel Quevedo, head of PDVSA, with a mandate to increase production and rid the company of corruption. Quevedo and his team of military officers had no experience in the oil industry and replaced long-time experienced employees with soldiers. According to an executive, “The military guys arrive calling the engineers thieves and saboteurs.”
There has been a stampede of PDVSA workers resigning from the company.
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1 comment:
They're stampeding to a gracery store that just received a new shipment of food.
They hope to get there before the other citizens clean it out and the police arrive to open fire on them. Ans steal what's left.
Socialism in action.
Keep cheering.
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