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Rich in reserves, Venezuela struggles to manage its oil wealth

Biofuels | Renewables | LNG | Natural Gas | Oil | Petrochemicals | Marine Fuels | Tankers | Crude Oil | Refined Products | Bunker Fuel | Gasoline | Jet Fuel

APPEC 2020


Platts Market Data – Oil

Oil | Crude Oil | Coronavirus | Energy Transition | Macroeconomics

37th Asia Pacific Petroleum (APPEC 2021)

Oil | Crude Oil | Refined Products | Gasoline

Crude oil futures edge higher on bullish US product data, market awaits OPEC+ decision


Rising EV-grade nickel demand fuels interest in risky HPAL process

Listen: Rich in reserves, Venezuela struggles to manage its oil wealth

Venezuela has more proven crude oil reserves than any other country, yet hundreds of thousands of people are unable to buy necessities and are marching in the streets of Caracas. Senior oil editors Meghan Gordon and Brian Scheid talk with Raúl Gallegos, senior analyst with Control Risk and author of "Crude Nation: How Oil Riches Ruined Venezuela" to put the current political turmoil into context with the country's history.

Gallegos looks at the country's rocky relationship with oil wealth, the chances of a default by state-owned PDVSA and how Venezuela's economic woes fit into the OPEC supply picture.

Check back every Monday for the latest analysis of US oil policy news from leading Platts editors covering the Capitol. E-mail the editors at and

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