BY FRANCO ORDONEZ
McClatchy Washington Bureau (TNS)
WASHINGTON – Venezuela’s oil crisis goes far beyond a simple problem of low prices and threatens the world’s supply of oil because of mismanagement of the country’s state-run oil company, a new report from Columbia University concludes.
Oil production in Venezuela – which boasts the world’s largest oil reserves – has plunged to alarmingly low levels, the report found, worsening a dire economic crisis that already has led to food and medicine shortages.
As the world price for oil declined, other oil-producing countries have increased production to make up for the lower ...
** Subscribers Log in to read this full article.
