An import collapse, caused by the massive decline in oil production, is the main cause of Venezuela’s economic implosion. The fall in oil production began when oil prices plummeted in early 2016 but intensified when the industry lost access to credit markets in 2017.
Francisco Rodriguez is Chief Economist at Torino Capital
Posts by Francisco
Brexit. The Colombian referendum. Trump. And now, in Venezuela, another did-that-just-happen election result: on October 15, the wildly unpopular ruling coalition won 17 of 23 governorships.
This, just two years after the opposition trounced the ruling coalition in congressional elections. …