With the amount of crude in storage at Cushing, Oklahoma falling to multi-year lows, oil prices should be deep into bull market territory. Right?

Not exactly.

One of the remarkable things about the crisis in Venezuela has been the oil industry’s ability to survive even while the rest of the economy faces a state of collapse.

The country’s production has indeed fallen to levels not seen for decades, but still managed to keep daily output north of 1 million barrels per day.