@markhburton@mstdn.social2026-01-07 11:56:33
Guardian repeats story that Venezuela's oil production low due to corruption and lack of investment.
Actually, the Maracaibo basin is beyond peak extraction so costs rising. And Orinoco oil is heavy, tarry, and hard to get (deep under the rainforest).
Of course the blockade is also part of the reason, and maybe flight of technical staff.
Oil prices fall after Trump says Venezuela will send up to 50m barrels to US | Oil | The Guardian