Venezuela's economy on the brink of collapse

Venezuela’s main source of cash is usually dwindling at a breathtaking pace.

The country’s oil output in January fell to its lowest level in nearly 30 years, not including a brief oil strike in 2003, according to S&P Global Platts.

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A monthly OPEC report published Monday revealed Venezuela pumped 1.6 million barrels of oil per day last month. Production in January was down 20% coming from a year ago.

The staggering decline is usually another sign of Venezuela’s economic as well as political crisis. The country is usually heading toward a presidential election in April in which international critics are already labeling fraudulent.

Venezuela has more crude oil than any various other country inside entire world as well as in which heavily depends on the commodity to power its economy. Crude oil makes up about 95% of Venezuela’s exports. The country has no various other source of foreign income.

Related: Latin America has little faith in Trump, as well as in which’s turning more to China

Yet the government-owned oil company, PDVSA, has pumped less as well as less oil for the last few years because of corruption, crumbling infrastructure as well as a massive debt crisis.

Meanwhile, hundreds of thousands of Venezuelans have fled the country of 30 million in recent years. Those who can’t leave are suffering coming from food as well as medical shortages, rampant crime as well as soaring prices on all types of goods. Inflation is usually required to shoot up 13,000% in which year, according to the IMF.

Venezuelan President Nicolas Maduro is usually required to tighten his grip of power after the April 22 election. He has already barred prominent opposition candidates coming from running because their political parties didn’t participate in gubernatorial elections last year. The Trump administration, along with several various other governments, has labeled Maduro a dictator. Maduro claims the U.S. as well as others are waging an economic war against Venezuela.

The United States could get tougher on Maduro very soon. Secretary of State Rex Tillerson said last week on his tour of Latin American countries in which the administration is usually still considering a ban on Venezuelan crude oil exports to the United States.

Experts say a complete oil ban would certainly be a devastating blow to Venezuela’s economy as well as Maduro’s political fortunes.

sy88pgw (brand-new York) First published February 12, 2018: 3:36 PM ET