Venezuela Is Resurrecting Its Oil Fields With Backpacks of Cash
State-owned producer PDVSA is resorting to desperate tactics to increase production from historic lows
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Amid the rusted remnants of Venezuela’s once-mighty oil industry, a motley crew of obscure drillers has achieved a feat few thought possible: It’s more than doubled the country’s crude production in the space of a year.
State-owned Petroleos de Venezuela SA has been pumping about 908,000 barrels a day in the past week, according to people familiar with the matter. With crude near $75 a barrel, it’s a financial lifeline for a nation hobbled by U.S. sanctions and in the throes of a seven-year recession.