Related Articles
Report
Forward article link
Share PDF with colleagues

Venezuela on the precipice

The Opec deal is not enough to rescue Venezuela and its indebted state company PdV

One of the most damning indictments on the state of Venezuela's economy heading into 2017 came from an unlikely source: the president himself. "2016 was the hardest, longest and most difficult year we have known," Nicolás Maduro told the nation in early January. He wasn't exaggerating. The economy is around 20% smaller than it was in 2013, when Maduro was elected. An acute cash crunch has forced it to slash imports, from $66bn in 2012 to $18bn in 2016, leading to severe shortages of food, medicine and other necessities. The bolivar fuerte is in a death spiral and inflation is heading north of 1,000%, says the IMG. Those that have the means to do so have fled the country. Maduro's government

Also in this section
Saudi Arabia gets a new next king
21 June 2017
Mohammed bin Salman will have a free hand as the next Saudi king but faces formidable domestic and regional hurdles. Oil policy is one
Arab oil states: the devil's in Opec's data
20 June 2017
The group's latest figures show Gulf oil states' earnings have plummeted, while the region's population keeps rising
Eastern Libya tries to wrest control of oil supply again
15 June 2017
NOC output growth plans threatened by renewed dispute