Venezuela’s Crude Reality

From Goehring & Rozencwajg

Much has been written about the Trump administration’s actions in Venezuela and the supposed implications for the global oil market, though at this early stage it is already apparent that the subject is being treated with more urgency than understanding. The situation, in truth, is still in its opening act, and what lies ahead is unlikely to be simple. A great many articles have gravitated toward the more theatrical elements of the story, yet comparatively few have paused to examine the less glamorous—but far more consequential—character of Venezuelan crude itself.