“Clearly, Venezuela is at the core of the downward adjustment in global oil supply triggered by the oil price drop,” wrote Luisa Palacios, a fellow at the Center on Global Energy Policy and author of the study. It’s a vicious cycle,” Palacios said. “For Venezuela to solve its problems in its industry there needs to be a normalization of economics, politics and the financial situation. I don’t see this happening unless the political crisis gets solved.”
