Can Venezuela Survive on $50 Oil?

Can Venezuela Survive on $50 Oil?

Assessment

Interactive Video

Business, Social Studies

University

Hard

Created by

Quizizz Content

FREE Resource

The video discusses Venezuela's oil pricing challenges, highlighting the need for a $70 per barrel price to sustain the economy, despite a production cost of $12. It addresses the impact of service companies reducing exposure due to payment delays and the shift in contract schemes to maintain production. The video also covers Venezuela's debt management strategies, including the use of US refineries and reopening operations in Aruba to support financial stability and reduce logistics costs.

Read more

5 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the average cost of oil production in Venezuela?

$50 per barrel

$70 per barrel

$30 per barrel

$12 per barrel

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is one of the main challenges faced by Venezuela in maintaining oil production?

Lack of oil reserves

Service companies reducing exposure

High transportation costs

Environmental regulations

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How is Venezuela planning to sustain oil production despite financial challenges?

By increasing oil prices

By hiring more local workers

By changing contract schemes with service companies

By reducing oil exports

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What financial strategy is Venezuela using to manage its debt obligations?

Reducing government spending

Increasing oil production

Reopening refineries in Aruba

Selling refineries in the United States

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What role do the refineries in the United States play for Venezuela?

They are being closed down

They are being sold to pay off debt

They support Venezuela financially

They are used for local oil production