“Venezuela’s collapse is a window into how the Oil Age will unravel”

“Venezuela’s collapse is a window into how the Oil Age will unravel” by Nafeez Ahmed https://link.medium.com/SW02AAIU7T

The higher costs of extraction and refining have played a key role in making Venezuela’s oil production efforts increasingly unprofitable and unsustainable. When oil prices were at their height between 2005 and 2008, Venezuela was able to weather the inefficiencies and mismanagement in its oil industry due to much higher profits thanks to prices between $100 and $150 a barrel. Global oil prices were spiking as global conventional crude oil production began to plateau, causing an increasing shift to unconventional sources.