The Little Black Book of Billionaire Secrets Venezuela's Oil Problems Abound

From 2013 until now, Venezuela's GDP has dropped 35%, and GDP per capita rates are down 40%. Sunken oil prices are a main factor in Venezuela's economic collapse, both events as bad as any in recent history. A major producer and exporter, Venezuela's problems ripple across the global oil market. The U.S. accounts for 40-45% of Venezuela's crude oil exports, although an increasing amount is going to all-important China and India. In total, Venezuela’s state-run oil firm, PDVSA, exported about 45 million barrels of crude in September 2017, down from over 60 million barrels in February 2016. Venezuela's oil available for export is at its lowest level since 1989. The lost revenue devastates: oil sales are 50% of Venezuela's GDP and 95% of its export revenue. More…