Oil fall in Venezuela, a sector in deep crisis with no signs of improvement

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The oil sector of Venezuela, the country with the largest reserves on the planet, is experiencing a deep crisis caused by the lack of investment and mismanagement, a situation without any signs of improvement in the short term, analysts said consulted by the AFP.
Given the statement made by the Venezuelan oil minister, Nelson Martínez, who told OPEC on Thursday that the sector is operating "normally," analysts draw a much more complex and pessimistic outlook, where Petróleos de Venezuela (PDVSA), the national company , it is the weakest link.
"PDVSA is obligated to import US products and oil at international prices and it would not have to. It is a disastrous management ", summarizes Gonzalo Escribano, responsible for the energy program of the Elcano Royal Institute.
And this, in the first place, resulted from a production in constant decline for more than a decade and which confirms the latest figures from OPEC.
In April, Venezuelan crude oil production fell by 0.46 million barrels per day (mbd) to 2.194 mbd, which represents a fall of around 17% since 2015.
"It's a typical case of lack of investment," says Abhishek Deshpande, a Natixis oil analyst.
"The real problem is that PDVSA has become the government's dairy cow but there have been no investments, so it does not increase productivity, and it is forced to import oil regularly from the United States," says Christopher Dembik, head of economic research at Saxo Bank.
To the paradox of a country rich in natural resources but with a declining economy (what economists call "the curse of resources" and suffering other countries of the globe) is now joined by a political and social crisis.
In a context of scarcity of basic goods and with the highest inflation in the world, which the IMF projects at 720% this year, Venezuela has been experiencing a wave of violence for almost two months due to street protests.
In almost two months of demonstrations against the socialist government of Nicolás Maduro, more than 55 people have died.
"The companies that invest in Venezuela are losing faith in receiving the fruits of their investments. To stop the decline [of production] it is necessary to invest, but there will be no investments while the country is still in crisis ", warns Abhishek.