A major factor is that Venezuela's oil is mostly heavier crude, which is denser and more viscous. This makes it costlier and more difficult to extract and refine, and usually sells for a lower price than lighter crude.
There's also rampant mismanagement, poor infrastructure, and sanctions affecting the output and outcomes. See also: "resource curse"
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There's also rampant mismanagement, poor infrastructure, and sanctions affecting the output and outcomes. See also: "resource curse"