[–] [deleted] 1 point 0 points (+1|-1) ago 

[Deleted]

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[–] tanukihat 0 points 1 point (+1|-0) ago 

Yeah Venezuela was doing great when oil barrels fetched triple digit prices. Not so great when it tanked to $50 a barrel.

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[–] 9-11 ago 

...and people say KSA isn't a good ally.

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[–] AmaleksHairyAss 1 point -1 points (+0|-1) ago 

source?

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[–] tanukihat 0 points 1 point (+1|-0) ago 

Publicly available knowledge. Head on down to "1999 - Present".

https://en.wikipedia.org/wiki/History_of_the_Venezuelan_oil_industry

After Hugo Chávez officially took office in February 1999, several policy changes involving the country's oil industry were made to explicitly tie it to the state under his Bolivarian Revolution. Since then, PDVSA has not demonstrated any capability to bring new oil fields onstream since nationalizing heavy oil projects in the Orinoco Petroleum Belt formerly operated by international oil companies ExxonMobil, ConocoPhillips, Chevron and Total. Chávez’s policies damaged Venezuela's oil industry due to lack of investment, corruption and cash shortages.[27][28]