Debt, sanctions and disrepair: Venezuela's oil sector in agony

Debt, sanctions and disrepair: Venezuela's oil sector in agonyAfter decades of being Venezuela’s cash cow, the state oil company PDVSA is a ragged shadow of its former self: overburdened, underfed, and in hock to Russian and Chinese creditors. The woes of the group, whose full name is Petroleos de Venezuela S.A., look set to worsen because of US sanctions imposed last month restricting its access to credit. Oil production keeps declining and much of what is exported goes to repay billions of dollars in loans.



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