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Venezuela

Political Clashes Shake Venezuela’s Strained Oil Industry

Venezuela’s national oil company is being shaken by claims of corruption and by internal dissent, indicating fissures within the institution largely responsible for financing President Hugo Chávez’s widening array of social welfare programs and foreign aid projects.

Political clashes shake Venezuela's strained oil industry - International Herald Tribune

Venezuela's national oil company is being shaken by claims of corruption and by internal dissent, indicating fissures within the institution largely responsible for financing President Hugo Chávez's widening array of social welfare programs and foreign aid projects. Chavez has been quoted as having said that nothing can stop oil from reaching $100 a barrel.

Oil sands no quick fix as Big Oil leaves Venezuela

For Exxon Mobil Corp. and ConocoPhillips it may appear simple: shift efforts, people and resources to Canada's oil sands now that the oil majors have retreated from Venezuela. In reality, it's no simple matter.

Nationalization of Oil Companies creates a lack of investment and efficiency

Over 80% of the world's remaining oil reserves are owned by government, which are under far less supervision than private companies.  National oil companies are less innovative, less efficient, and less likely to reinvest profits than private companies, which could hurt global production in coming years.

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