Venezuela is inching closer to collapse

11 Jan 2018   Venezuela

Venezuela has more oil than any other nation in the world, but it keeps pumping less and less. Oil production fell in December to one of its lowest points in three decades, further depriving the cash-strapped country of its only major source of revenue and adding to the suffering of its people. Venezuela produced 1.7 million barrels of oil a day, according to S&P Global Platts, which polled industry officials, traders and analysts and reviewed proprietary shipping data. That’s the lowest since 2002, when a failed coup temporarily took hold of the government-run oil company, PDVSA. Other than that, oil production is the lowest in 28 years. It’s down 27% just since 2014, when the country’s economic crisis took hold, according to OPEC and S&P figures. The decline in oil production is prolonging the misery for 30 million Venezuelans. People there are losing weight because […]

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