Venezuela’s abandoned oil industry

Global Business

Venezuela’s abandoned oil industry

Venezuela was once one of the wealthiest oil nations in the world.

But despite sitting on the largest proven oil reserves in the world, the country doesn’t even rank among the top 10 oil producers in the world.

There are a lot of reasons for this, including mismanagement, underinvestment and U.S. sanctions.

And now, after years of decline, the government is trying to fix the country’s broken oil industry.

CGTN correspondent Mary Triny Mena traveled to Zulia state, where Venezuela’s oil industry first started, to see out how it could work.