Country With World’s Largest Oil Reserves Has Only One Rig Left

The collapse in oil prices and the tightening U.S. sanctions against Venezuela have accelerated the decline of the oil industry in the country sitting on the largest crude oil reserves in the world.   As of May, Venezuela’s rig count plunged to just two, data from Baker Hughes shows, as production slipped by 16 percent to 645,700 barrels per day (bpd), Bloomberg reported on Thursday, citing documents containing production data it has seen. Of the two active rigs in Venezuela last month, one was working at an oilfield and another one…