Venezuela has badly mismanaged its vast oil resources, a senior U.S. diplomat told Reuters in an interview on Tuesday in which he said a change in government could quickly turn the OPEC member’s fortunes around. Tensions have been high between Washington and Venezuela, where the president is facing a possible recall referendum amid rioting and looting prompted by food shortages. Output from Venezuela, which sits atop the world’s biggest oil reserves, was 2.37 million barrels per day (bpd) in May, down 5 percent from April and 11 percent from last year’s average, according to OPEC data. “Venezuela has committed malpractice when it comes to management of their resource,” U.S. International Energy Envoy Amos Hochstein said. As a consequence, he added, the country is getting below-market prices for lower amounts […]