The Fading Oil Empire of Venezuela: What This Means for Canada The recent announcement by the Trump administration to pursue a deal with Venezuela to control 20% of its oil reserves has sent ripples through the energy industry, with Canadian executives seemingly unfazed.
Beneath the surface lies a complex web of challenges that make this promise more mirage than reality. Venezuela's oil industry has been in shambles for decades, plagued by mismanagement, corruption, and sanctions.
The country's once thriving oil fields now lie idle, with production dwindling to a mere fraction of its former glory.