PDVSA

  The Washington Post is reporting that the Trump Administration is threatening to embargo Venezuelan oil, in what could be another blow to an extremely fragile economy. Known for the world’s largest crude reserves, and once thriving oil and gas industry, the Venezuelan government cannot seem to get the industry to work again. Many of the countries most productive extraction sites have been idle for several months, or paralyzed by lack of maintenance and broken rigs. There is a consensus in this article and several members of Oilconvo that the PDVSA (the Venezuelan state-owned oil and gas company) is in shambles and likely going to fail. Rex Tillerson, former Exxon CEO and current Secretary of State, is guiding the president on policies that would restrict oil sales from Venezuela. Su...