a Little time? At the end of text there is a summary.

It is starved in the state with the largest Ölschatz of the earth. Every seventh child in Venezuela was last year, according to the Caritas acutely malnourished. Six out of ten Venezuelans lost in 2017, weight, on average, more than ten kilograms. In a study of three Venezuelan universities, almost 90 percent of the participants reported that the family income sufficient to buy enough food.

Venezuela is impoverished. This could be stone rich. Finally, nature has well-meant with this Nation, which is split in a power struggle between the autocratic President Nicolás Maduro and the opposition politician Juan Guaidó.

a Minimum of 303 billion barrels of oil, one Barrel corresponds to 159 litres, camps in Venezuelan soil. More than in Saudi Arabia, Canada, Russia or the USA. Vast Deposits have been discovered in the past few years in the Orinoco belt.

However, the state monopoly Petróleos de Venezuela (PDVSA) is not able to lift the treasure. On the contrary, Venezuela’s production is falling, and falling, from around 3.3 million barrels per day in 2008 to about two million in 2017. In the first eleven months of 2018, there were on average only 1.38 million barrels per day.

it is Devastating for a country whose foreign exchange receipts to more than 90 percent from the sale of crude oil and Oil products. And: Not only the state, because of the lack of Petrodollars in front of the Ruin. But the PDVSA, the heart of the Venezuelan economy.

suppliers, service companies, Halliburton had to write off claims on hundreds of millions of dollars, because they would get the money never. Since 2017, PDVSA, many creditors can not pay credit interest.


What has it ruined?

“The hen of the Golden eggs,” called the Venezuelan PDVSA once. Still to the turn of the Millennium, the PDVSA was considered one of the best-run, most sophisticated Oil companies in the South American continent, the staff was excellently trained.

Today, the former parade company is the epitome of the failure of the economy under President Nicolás Maduro and his late predecessor, Hugo Chávez. Soon after the left-wing populist Chavistas had taken control of the PDVSA, began to fall and the oil yield. Cost and debt increased.

“The demise of this company is the result of years of mismanagement,” says Eugen Weinberg, commodities strategist at Commerzbank. And, not to forget: of nepotism and corruption.

Video: Guaidó against Maduro scenes of the trial of power in Venezuela


As of 2003, a strike by thousands of PDVSA employees failed against Chavez, politicized the President, the company rigorously. He replaced a number of top managers by friends and Comrades of his United Socialist party of Venezuela. Chávez-critical professionals were retired and loyal Yes-man to be replaced.

“PDVSA is red. Red from head to foot,” announced the new group President, energy Minister Rafael Ramírez, at the time. Larger-than-life Banner with Chávez’s face hung suddenly, at the company’s tower in Caracas. And the ladies and gentlemen of the “Comandante” has announced that he will give back the oil “the people”.

in Concrete terms that meant: The government forced foreign Oil companies to transfer parts of their holdings in Venezuela to PDVSA.

Chávez fleeced the PDVSA. 175 billion dollars taxes as well as $ 42 billion for social projects had to pay the company between 2005 and 2012. On top of that, it had 57 billion dollars in a dubious state Fund, which invested among others in Russian fighter jets.

redistribution policy in their own bags

A part of the billion was really for the needy. The poverty rate in the country dropped noticeably – but only as long as the prices in the international oil markets boomed.

The price is high secured Chávez twice, the re-election. But he was running the farm in a sustainable way. Large sums of money from the Oil disappeared into dark channels or were spent for election campaigns.

In the episode was scarce in the case of the PDVSA money. There was a lack of investment and resources needed for the maintenance of the equipment. The consequence was a series of devastating injuries: severe burns, a refinery explosion, 47 dead, leaks.

“not The production of alone, if you invested every year, consistently,” says Ölexperte vineyard. Drill heads and machines need to be replaced, new fields are developed and Pipelines are maintained. All of this has been neglected, as Oil prices fell. Because Maduro has continued Chávez’s policy of Redistribution in their own pockets.

in 2015, the expenditure by the PDVSA on social programs at the six billion dollars higher than your profit. But that did not prevent the government from squandering gasoline set by the government at knock-down prices to the Venezuelans. The Liter was at times the equivalent of less than a penny.

How cheap the Fuel was, that the operator of road construction sites instead of the flashing warning lamps burning gasoline barrels lined up. Smugglers transported the petrol in the neighbouring country of Colombia. Some of the loans given by China to the Maduro government, repaid the PDVSA with Oil.

dozens arrested Manager

The Soziölismus bleeding the state of the group. Since 2016 its Zahlungsnöte become more and more obvious: the business partner put a stop to their deliveries; the PDVSA has Not, to obtain even the most necessary spare parts from abroad; corruption scandals shake the company; dozens of managers have been detained.

In October 2017 rose from a flooded refinery tank of PDVSA, hundreds of thousands of liters of Oil products and came to the sea. And the promotion of a break now dramatically. The London-based analysis house IHS, Markit expects that Venezuela will produce at the end of the year, only 500,000 barrels a day.

Without the Petrodollars but the country is not able to pay. Venezuela has paid with them for a Long time, the most of import of goods such as food or drugs. Now, the flow of goods – and the people dried up sought-after.

The growing poverty of large parts of the population is a contributing factor to the revolt of Guaidó, the opposition to the President of Parliament, appointed on Wednesday even as the new head of state.


Ölexperte Weinberg predicts that the Venezuelan Oil industry has a Golden future if Guaidó. “The potential of the storage sites is huge, there are still many well-educated professionals,” he says. “If the safety comes back and the PDVSA will open for foreign partners, can increase the production within five years to five million barrels per day.”

The hen would lay Golden eggs, and the empty state coffers fill.

Oil companies from Europe, America and China are likely to have to compete for the part in Joint Ventures in Venezuela. The best opportunities for US Multinationals, had the vineyard says: “Guaidó has studied in the United States, Trump has recognized him as a new President, and the US were until a few years ago the biggest customer for Venezuelan Oil.”

If it comes to such a Bonanza, it is uncertain. Now a power of raging first fight in Caracas. And the longer this lasts, the stronger the riots escalate, the more the country to a civil war are heading, the more Venezuelans will have to suffer from Hunger.

Summary: , The socialist leaders Hugo Chávez and Nicolás Maduro have driven the state Oil company PDVSA due to mismanagement and corruption on the edge of Bankruptcy. Because of the group, the Well-being of the entire Venezuelan economy, the country is in a deep crisis. In the coup of the President of Parliament, the Chance that PDVSA blooms to its former strength and it goes with Venezuela back uphill.

Sam Yoon has many years of experiences in journalism. He has covered such areas as information technology, science, sports and politics. Yoon can be reached at 82-2-6956-6698.