Oil Price Slump Hits Venezuela Hard

Venezuelan oil production is virtually no longer economically viable. Further tightening of sanctions by the USA adds to the difficulties.

RIO DE JANEIRO, BRAZIL - The current drop in oil prices on the international markets has serious consequences for Venezuela. The South American country is highly dependent on oil exports.

For years, oil sales have accounted for well over 90 percent of Venezuela's exports. It is estimated that Venezuela could lose between US$4.5 . . .

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