Maduro has managed to remain in power but the sanctions have cut Venezuelan oil production to 356,000 barrels per day, a level not seen since 1929, said Russ Dallen, founder of the investment bank Caracas Capital.

Nabors pulling its last drilling rig from service and exiting the South American nation bring the rig count there to zero, Dallen said.

“We believe that this is the lowest amount of rigs operating that Venezuela has had since 1914, when the first real Venezuela oil well — Zumaque-I — was drilled,” Dallen said.