Venezuela: the political economy of oil

Abstract

Venezuela: the Political Economy of Oil is the first book in a new series on oil exporting countries. Venezuela continues to occupy a central place in the world petroleum market. The founding member of OPEC remains the principal net exporter outside of the Gulf. Its national oil company, PdVSA, is now the third largest oil company in the world and is pursuing a revolutionary policy of external acquisitions in developed countries. At the same time, there are early signs of a shift in its attitudes towards allowing in foreign investment. Such issues are in the forefront of political debate in most oil exporting countries today. In this book, Juan Carlos Bou 'e gives a comprehensive and masterly analysis of the Venezuelan oil industry within the context of the political economy of the country. In particular, he considers the enormous potential reserves of the Orinoco Oil Basin, which may even dwarf the reserves of the Gulf. He stresses the environmental challenges facing the heavy Venezuelan crudes. The `revolutionary new fuel', orimulsion, is shown to be a triumph of innovation and marketing, but its future remains in considerable doubt. This book is intended for oil companies, South America investment analysts, South America students/academics.