ABSTRACT
The positive achievements of the Venezuelanized oil industry during its first testing year in existence provide a complete and welcome justification for the faith of all those Venezuelans, among the general public as well as in the government and in Congress, who were confident that the nationalization law would be a success. The achievements of the Venezuelanized oil industry during its first year in existence can best be assessed by means of the following brief summary of its activities. During the first twelve months after the nationalization of the industry the volume of export sales continued to grow, but not at an accelerating speed; this was due to a deliberate restriction of production in line with conservationist policies. Nationalized industries in market economies have a perfectly justified bad name for running up annual deficits, which the state finances so as not to lose face.
