The Topic

John Sexton
12 Jul 2018
© Hot Air
Venezuela shipping subsidized oil to Cuba as people at home are starving

One reason for the near-total collapse of Venezuela’s economy has been the dramatic decline in world oil prices. But at the same time, Venezuela’s government-run oil company has been crumbling from within, producing less oil every month because of incompetence and mismanagement. In fact, last month was the lowest level of oil production the nation has seen in 30 years:

Venezuelan oil production crashed to a new 30-year low of 1.5 million barrels a day in June, the Organisation of the Petroleum Exporting Countries (OPEC) said today…

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