Economics
End of Venezuela’s Oil Fortune Looms Over Maduro’s Regime
- June crude exports fall 50% from a 73-year low in May
- Stocks swell, oil fields shut under U.S. sanction pressure
A motorcyclist pays for gas in Caracas, Venezuela, June 1.
Photographer: Carlos Becerra/BloombergThis article is for subscribers only.
Oil revenue, the financial lifeline of Venezuela, is quickly drying up, adding to the growing instability of Nicolas Maduro’s embattled regime.
Crude exports that once accounted for 95% of foreign currency inflow to the country tumbled by almost half this month, after hitting a 73-year low in May. The plunge comes as U.S. sanctions continue to target Venezuela, home of the world’s largest oil reserves.