Peru's oil production is fraught with danger (8)
I believe the answer is:
Here is my best explanation:
'fraught with danger' is the definition.
'peru's oil production' is the wordplay.
'production' indicates anagramming the letters.
'perusoil' is an anagram of 'PERILOUS'.
'is' is the link.
(Other definitions for perilous that I've seen before include "Dangerous", "Hazardous, menacing", "promising danger", "Full of danger", "Fraught with danger", "Hazardous, dangerous", "Risky" and "Extremely dangerous".)