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