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Crisis in Venezuela. An ongoing socioeconomic and political crisis began in Venezuela during the presidency of Hugo Chávez and has worsened during the presidency of his successor Nicolás Maduro. It has been marked by hyperinflation, escalating starvation, [6] disease, crime and mortality rates, resulting in massive emigration from the country. [7]
- Introduction
- What Is A Petrostate?
- What’s Behind The Petrostate Paradigm?
- How Does Venezuela Fit The category?
- How Did Venezuela Get Here?
- What Has Been The Impact of U.S. Sanctions?
- Is There A Path Away from The Oil Curse?
Venezuela, home to the world’s largest oil reserves, is a case study in the perils of becoming a petrostate. Since it was discovered in the country in the 1920s, oil has taken Venezuela on an exhilarating but dangerous boom-and-bust ride that offers lessons for other resource-rich states. Decades of poor governance have driven what was once one of ...
Petrostate is an informal term used to describe a country with several interrelated attributes: 1. government income is deeply reliant on the export of oil and natural gas, 2. economic and political power are highly concentrated in an elite minority, and 3. political institutions are weak and unaccountable, and corruption is widespread. Countries o...
Petrostates are thought to be vulnerable to what economists call Dutch disease, a term coined during the 1970s after the Netherlands discovered natural gas in the North Sea. In an afflicted country, a resource boom attracts large inflows of foreign capital, which leads to an appreciation of the local currency and a boost for imports that are now co...
Venezuela is the archetype of a failed petrostate, experts say. Oil continues to play the dominant role in the country’s fortunes more than a century after it was discovered there. The oil price plunge from morethan $100 per barrel in 2014 to under $30 per barrel in early 2016 sent Venezuela into an economic and political spiral, and despite rising...
A number of economic and political milestones mark Venezuela’s path as a petrostate. Discovering oil. In 1922, Royal Dutch Shell geologists at La Rosa, a field in the Maracaibo Basin, struck oil, which blew out at what was then an extraordinary rate of one hundred thousand barrels per day. In a matter of years, more than one hundred foreign compani...
For almost two decades, Washington has imposed sweeping sanctionsagainst Caracas, the most significant of which have blocked oil imports from PDVSA and prevented the government from accessing the U.S. financial system. Still, Venezuela has retained oil-trading partners, and analysts say that support from China, Cuba, Iran, Russia, and Turkey has he...
A country that discovers a resource after it has formed robust democratic institutions is usually better able to avoid the resource curse, analysts say. For example, strong institutions in Norway have helped the country enjoy steady economic growth since the 1960s, when vast oil reserves were discovered in the North Sea, Karl writes in her book. In...
Jan 31, 2024 · Venezuela crisis in brief. 31 January 2024. By Vanessa Buschschlüter,BBC News Online Latin America editor. Share. EPA. Nicolás Maduro has been in power since 2013. Venezuela is engulfed in a...
More than 7.7 million Venezuelans have fled the country, generating one of the largest migration crises in the world. On June 27, International Criminal Court (ICC) judges authorized the...
Oct 17, 2022 · More than seven million Venezuelans have left their homeland since 2015 amid an ongoing economic and political crisis, according to new UN data. More than half of them face challenges accessing...
Oct 17, 2022 · 17 October 2022. By Vanessa Buschschlüter,BBC News Online Latin America editor. Getty Images. Many of the Venezuelan migrants walk thousands of kilometres to reach their destination. More than...
Jan 24, 2024 · Venezuelan supermarkets are increasingly being targeted by looters, as swollen lines and prolonged food shortages spark frustration in the OPEC nation struggling with an economic crisis.
