Venezuela’s Decline From Oil
November 16, 2018
Oil is at the center of the Venezuelan economy. It accounts for 95 percent of the country’s export revenues and bankrolls the regime of President Nicolas Maduro.
Even with global prices rising above $80 a barrel last month, the nation’s output is sliding. The U.S. shale producers boosted supply by 23 percent in the past year, while in Venezuela, owner of the world’s largest oil reserves, civil unrest and an economic collapse caused production to fall by 37 percent.