Venezuela’s Oil Reserves Doomed To Become The World’s Largest Stranded Asset

The aggressive push to decarbonize the world economy is forcing big oil to examine how the carbon emissions of its operations can be reduced with a goal of becoming carbon neutral. That coupled with the threat of peak oil demand has seen oil supermajors reevaluate their business strategy, with many now choosing to eschew high-cost carbon-intensive petroleum projects. This poses a major threat to Venezuela and the crisis-torn petrostate’s economic recovery. The OPEC member possesses the world’s largest oil reserves, estimated to be around…