Venezuela’s Oil Fall

Venezuela’s oil industry began with a massive 1922 gusher discovered by VOC, leading to a century of wealth, crashes, and political turmoil. The discovery spurred a transformation into a petroleum supergiant, attracting numerous foreign companies like Standard Oil and Shell, but also leading to exploitation and nationalization under leaders like Chávez and Maduro. Despite significant oil reserves and cheap, sour crude, Venezuela’s infrastructure deteriorated due to mismanagement, sanctions, and political instability, resulting in drastically reduced oil production today.