Venezuela’s fall leaves world’s richest oil reserves tapped by a single rig

WORLD OIL | Venezuela’s fall from oil superpower to failing producer can be illustrated in one image: a single drilling rig working the world’s largest oil reserves.


As fields across the nation shut amid a relentless U.S. campaign to cut Venezuela off from global oil markets, the number of rigs drilling for crude fell to just one in May, according to data from Baker Hughes. Another lone rig was drilling for gas.


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