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In 2018, Venezuela's debt grew to US$156 billion [310] and as of March 2019, its reserves had dropped to US$8 billion. [311] With the exception of PDVSA's 2020 bonds, [312] as of January 2019, all of Venezuela's bonds are in default, [313] and Venezuela's government and state-owned companies owe nearly US$8 billion in unpaid interest and ...
The economy of Venezuela is based primarily on petroleum, [7] [21] as the country holds the largest crude oil supply in the world. [22] Venezuela was historically among the wealthiest economies in South America, particularly from the 1950s to 1980s. [ 23 ]
The Wall Street Journal said in January 2019 that economists place the blame for Venezuela's economy shrinking by half on policies of the Maduro administration, "including widespread nationalizations, out-of-control spending that sparked inflation, price controls that led to shortages, and widespread graft and mismanagement". [278]
In April 2000, Venezuela's president decreed a new mining law and regulations were adopted to encourage greater private sector participation in mineral extraction. During Venezuela's economic crisis, the rate of gold excavated fell 64.1% between February 2013 and February 2014 and iron production dropped 49.8%. [156]
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Other companies including India's Reliance Industries Limited, Spain's Repsol, and commodity trading companies Trafigura and Vitol continued to supply Venezuela's oil industry as of 11 April 2019. [111] On 17 April, On 18 February 2020, OFAC sanctioned Rosneft Trading S.A. for supporting Maduro's government by operating in the oil sector.
Preliminary data compiled by Venezuela's central bank shows the economy shrank by 16.6 percent in 2017 compared with the year before, two sources familiar with the matter said on Thursday, the ...
Hugo Chevez died from cancer last night after 14 years as President of Venezuela. In the short term, Chavez's death means little for the oil markets, which shrugged off the news. The question now ...