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Venezuela Oil Exports Slump to a 28-Year Low
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Sales fall as production hit the lowest levels since the 1940s
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U.S. may take action when Maduro’s current term expires
Venezuela, once Latin America’s largest oil exporter, ended 2018 with a whimper as overseas sales dropped to the lowest in nearly three decades.
Home to the world’s biggest crude reserves, the country exported 1.245 million barrels a day last year, the lowest since 1990, as production tumbles amid an economic and humanitarian crisis. Financial sanctions imposed by the U.S. have further tightened the screws on Venezuela’s ailing economy, while creditors have sought seize its assets including oil cargoes and its prized Citgo refineries in the U.S.
