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Drop in Venezuela investment could have impact on world’s oil supply


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 ...

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