Venezuela crisis damages PDVSA, international majors

02/03/2003
Venezuela's oil production remains severely curtailed during the country's ongoing crisis, which is impacting the future of the national oil company, Petroleos de Venezuela SA (PDVSA). The national strike in Venezuela is also costing some of the largest international oil companies millions of dollars daily, according to two January reports by financial analysts."Regardless of the outcome of the current crisis, PDVSA is unlikely to retreat to its former (apolitical) role," said analysts at Fitch Ratings Ltd., New York."Venezuela's image as a reliable crude oil supplier has been undermined. Even when a semblance of normalcy is restored, the systemic roots of the current politica...
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