March 8th, 2013
05:40 PM GMT
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(CNN) – Venezuela's Hugo Chavez, who died this week, built his support on a populist platform of sharing the country's oil wealth with the poor.

Yet Venezuela's economy, and the future of its oil industry, remains deeply vulnerable.

CNN's John Defterios talks with Fereidun Fesharaki, the chairman of FACTS Global Energy, who says the country's oil industry is in a "shambles." So what challenges a new leader face?

soundoff (11 Responses)
  1. JJ Minihann


    Chavez destroyed the oil industry
    PDVSA is a JOKE compared to where it was in the 1980's and 1990's .
    Production is down by 40% from those days , the infrastructure is broken down and needs Billions and Billions in new investment

    Chavez destroyed it
    Maduro , the Clown , will make it even worse


    March 11, 2013 at 8:05 pm |
  2. Longhorn Web Design

    Reblogged this on Longhorn Web Design.

    March 12, 2013 at 1:13 pm |
  3. Flores online

    Big happening, it was a dark Day but i believe in a good future for venezuela

    March 14, 2013 at 1:48 am |
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    I don't even know the way I ended up here, but I assumed this post was once good. I don't understand who you might be but definitely you are going to a well-known blogger if you are not already. Cheers!

    March 21, 2013 at 3:40 pm |
  5. Pedro Hidalgo Vargas


    On the above blogspot you will find details of a crime thriller I shall be publishing around mid-May after the results of the elections are declared. Although the book is a crime story, there is a discussion within it of the last days of Chavez and the way in which people were misinformed about his health and capacity to govern. it also covers the election campaign and the continuing socialist rhetoric parroted by Maduro who must have learnt most of it during his indoctrination years in Cuba. One day, he may realise that the Cubans are quietly dismantling their brand of socialism because it just doesn't work!

    The book talks of some of the beauty of Venezuela and includes journeys to Salto Angel, Carupano, San Cristobal, Puerto La Cruz and, of course, Caracas.

    I have also commented on fraud and corruption in Venezuela. Fonden is a particular target as is the enrichment of certain people either close to, or at, the top of the Chavez regime.

    March 22, 2013 at 3:30 pm |
  6. Julio Rangel

    maracaibo,where most of oil companies are based,has THE WORST public transport in the world,what a mess...

    March 25, 2013 at 8:54 pm |
  7. vapues

    No, V's oil future is not in shambles. The current oil industry churns out sufficient petro to allow V 5.2+gdp and Current Account Bal of +17.1B while the U.S. GDP languishes at 1.4+ and its CAB a staggering -477.9B (Economist). V's oil future may be temporarily saddled with political confusion, but the future for V's oil actually looks quite good. Neither of today's presidential candidates is Chavez. The oil industry will improve simply due to high demand.

    April 14, 2013 at 4:20 pm |
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    April 16, 2013 at 1:10 am |
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    May 20, 2013 at 7:45 pm |
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