A potential temporary relief to the U.S. sanctions against Venezuela could jumpstart the oil industry in the South American country where output has slumped to a five-decade low. The sanctions, imposed by the Trump Administration, have crippled Venezuela’s crude oil production and exports. But the industry in the nation sitting on the world’s largest crude oil reserves – even bigger than Saudi Arabia’s – had been in a decline for years due to mismanagement, corruption, and a lack of investment in…
