Venezuela had the world’s largest proven oil reserves, with more than 300 billion barrels. Most of its oil was extra-heavy crude that was technically and economically challenging to produce. Therefore, Venezuela’s government invited foreign oil companies to take part in oil exploration and production. Chevron Corp. (Chevron) had operated in Venezuela since 1923, and before the US government started to sanction Venezuela in 2019, Chevron was one of .....more

Hugo Chavez often pointed to Simon Bolivar as the model for his political philosophy, centered on Bolivar's vision of a unified and independent Latin America. In 1998, Chavez ran in the presidential election, on a platform that opposed what he termed the savage neoliberalism of the 1990s. Chavez's speeches in the presidential election campaign emphasized the importance of national sovereignty and economic justice. As president, Chavez passed .....more

The economy segment in the market for mayonnaise in Venezuela has become extremely competitive. Mavesa, Venezuela's largest and most professional consumer goods firm, finds its pioneer Nelly brand under assault from large players such as Kraft, and small nimble regional players such as Albeca. In this competitive scenario, Nelly's managers decide to cut price on the brand. The managers must analyze the implications of cutting price, including .....more