Venezuela’s Devastated Oil Industry Is In No Condition To Replace Russian Production

Venezuela’s Devastated Oil Industry Is In No Condition To Replace Russian Production

Health workers gather to form a human chain reading "SOS" during a protest for the lack of ... [+] medicines, medical supplies and poor conditions in hospitals, in front of the "Dr. JM de los Rios" Children's Hospital in Caracas on August 2, 2018. - The South American nation earns 96 percent of its revenue through oil sales, but under the government of populist President Nicolas Maduro a lack of foreign exchange has sparked economic paralysis that has left the country suffering serious shortages. (Photo by Federico PARRA / AFP) (Photo credit should read FEDERICO PARRA/AFP via Getty Images)

Senior U.S. officials' surprise trip to Venezuela last weekend drew mixed reactions in both countries. But if the point of the outreach was to replace Russian oil and help hold down the price of gas, then the trip had little chance of success.