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Venezuela issues at the G7 meeting

Wednesday, May 17, 2017

Venezuela’s Slow-Motion Implosion Continues

South American oil producer Venezuela continues to experience deepening social unrest and economic collapse. The country, which relies on oil revenues for 95 percent of its export earnings, has fallen into humanitarian and constitutional crises that show no signs of ending. Protests erupt on a daily basis, inflation has soared to as high as 720 percent, and oil production is continuing its decline, exacerbated by disastrous policies. Some analysts estimate that 2016 Venezuelan oil production could collapse by as much as 20 percent year-on-year. The country’s leadership is obviously desperate for higher oil prices and has even called for OPEC to deepen its production cut to a massive 5 million barrels per day (mbd).More…

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