[SOLVED] Oil Production in Venezuela
History of Oil Production in Venezuela. The work is to be 6 pages with three to five sources, with in-text citations and a reference page. This was possible due to the huge demand brought on by the First World War. the country participated in the provision of necessary resources. By the time the Second World War commenced, Venezuela had secured itself as a reliable oil supplier for its immediate neighbor, the United States. This was the point at which the two countries became trading partners and continued to establish that relationship based on Venezuelas continual oil supply.A monumental event occurred in 1960 when Venezuela joined 4 nations in the Organization of Petroleum Exporting Companies (OPEC). this was also the same year that the international body was formed. Several other nations continued to follow suit later in that century with countries like Gabon joining as late as 1994. Venezuelas goal for joining the body was to secure stable and just oil prices. this also happened to be the main objective for the other member states in the multilateral body. If the latter objective was achieved, it would ensure fair returns on resources invested in oil production within the country. consumers would also benefit via having an efficient and reliable supply of the resource.Within the same time frame, Venezuela also began to nationalize its oil resources by adopting a policy of no concessions (Guriev, Anton and Konstantin 308). The nationalization agenda really took shape in 1976 when President Carlos Perez decided to place all commercial control of hydrocarbon production under the government. He did this through the creation of one of the most relevant bodies in the countrys oil industry to date PDVSA. The above acronyms represent the Spanish phrase for Oils of Venezuela, and these would be coordinated, planned and supervised by the body. That fateful year saw the production of oil reach 2.3 million barrels daily from the body. afterward, these quantities would later increase (Guriev, Anton and Konstantin 320).
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