Venezuela oil production lowest in 75 years
Updated 03:28, 17-Oct-2020

Venezuela sits on some of the world's largest crude reserves but, at the same time, is dealing with regular gasoline shortages.

The reason: the government did not invest, for years, in the sector and many refineries are dealing with maintenance issues.

But another big factor are the U.S. sanctions imposed on the country.

Tough U.S. sanctions have scared away customers of state-run oil company PDVSA.

Last June, the country's oil export slumped to its lowest level since 1943.

Venezuela is also facing shortages of power, water and cooking gas.

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