Economist José Toro Hardy stressed that “there are no conditions” that guarantee the increase in oil production in the country, for which he asserted that Venezuela needs a new law that establishes legal security for the sector.
“We need to provide legal certainty, we need to build trust, we need to re-establish the mechanisms to restore trustso that the people of Venezuela are once again perceived as a safe and reliable supplier”, he highlighted during an interview with Tecnofinanzas.
The hydrocarbons specialist added that Nicolás Maduro did not achieve his goal of one million barrels per day, and He added that national oil production is barely around 616,000 b/d.
On the other hand, he assured that production will be able to recover when there are more investors in the country, although he reiterated that That process will not happen “overnight” because the condition of the industry “is very stagnant.”
“These investments would happen first because there is confidence, probably because there are conditions, a more adequate hydrocarbons law and because there is legal certainty, all those things that investors usually require” concluded Toro Hardy.