Oil production in Venezuela has plummeted to levels from nearly a century ago.


Socialism is not very good at most things, but it is very good at destroying economies and production. If Venezuela were a desert, they'd be running out of sand right about now.

“Venezuela is approaching the level we had in 1929 and per capita the level we had almost 100 years ago,” said economist Francisco Monaldi

In the middle of the 21st century, Venezuela's oil industry regressed 77 years to the point where crude oil production fell to historic lows that are reminiscent of 1943.

OPEC reports revealed that in June, oil production fell to record lows. According to data from June, the South American country only produced 393,000 barrels per day (BPD), which is 52% less than the average of 821,000 BPD in the first quarter.

According to economist Francisco Monaldi, director of the Latin American Energy Program at the Baker Institute in Houston, Venezuela's oil production is reaching the level the country had in 1929.

“Venezuela's oil production is nearing the level we had in 1929, and per capita production is closer to what we had almost 100 years ago. Moreover, we should be producing more than four million barrels per day. In other words, we produce less than 10% of what we should,” he said on Twitter.

Exports also declined along with oil production owing to the deteriorating condition of Venezuela's refineries and the sanctions levied by the Trump administration to pressure Nicolás Maduro' s exit.

The regime blames state sanctions for the drop in production, but since 2016, before the imposition of measures from Washington D.C., there has been a downturn due to years of disinvestment and mismanagement.

We must honor these trendsetters in the New Green World of Bernie and AOC!

It worked in Venezuela, it is working in Alaska. Same playbook.

Shaking my fishy head in the Current Truth ™,

Red Salmon

It worked in Starnesville.

Yet don't overlook, Komrades, that this makes El Comandante's country the World Champ in fighting Klimkatastrophia!

And while oil production in Venezuela beaks new records, the general population enjoys fine dining!

But it's FREE garbage comrade. And worth every Bolivar.

Antonio Salazarinski wrote:And while oil production in Venezuela beaks new records, the general population enjoys fine dining!

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Clearly a sign that we MUST vote for the Bernie, I mean Biden, ticket.

Comrade Jenkem wrote:Clearly a sign that we MUST vote for the Bernie, I mean Biden, ticket.

Fortunately, there will not even be any need to vote. With renewed lockdowns and mail-in voting, the votes will be collected, corrected, and remailed for us. And if we do not use our mail-in ballot, one will be supplied for us, already marked and mailed.

Ah, this reminds me of Old Times, when I was stationed overseas in a country that will remain nameless (but was under martial law and the President's wife was fond of shoes, hint, hint). At election time, one was handed a pre-marked ballot and directed to deposit it. And if one did not go to the polls, the local constabulary would appear at one's door and escort one to the polls. How far we have come, Comrades! Now we do not even have to go to the polls! How the Party loves us!

RedDiaperette wrote:

Comrade Jenkem wrote:Clearly a sign that we MUST vote for the Bernie, I mean Biden, ticket.

Fortunately, there will not even be any need to vote. With renewed lockdowns and mail-in voting, the votes will be collected, corrected, and remailed for us. And if we do not use our mail-in ballot, one will be supplied for us, already marked and mailed. ...

... How far we have come, Comrades! Now we do not even have to go to the polls! How the Party loves us!

Hah! Can't wait to see the 103.14% voter turnout!