Once a cash cow, Venezuela's oil industry verges on collapse (NYT)

The New York Times

As the rest of the oil-producing world recovers on the back of stronger energy prices, Venezuela is getting worse, the result of dysfunctional management, rampant corruption and the country's crippling economic crisis. The deepening troubles at the state oil company, the country's economic mainstay, threaten to further destabilize a nation and government facing a dire recession, soaring inflation and unbridled crime, as well as food and medicine shortages.

When energy prices started to crater several years ago, Venezuela and other oil-dependent nations suffered in tandem. Now, prices are rising and others in the oil patch are no the mend.

Read the full article in The New York Times here.