Crisis in Venezuela: The Past and Future Prospects of Oil Exports
Copyright (c) 2022 Füzesi Kitti
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
Abstract
Venezuela has significant reserves of natural resources, therefore it could play an important role in world politics, given the world’s ever-increasing energy consumption.
The South American country’s economy has been entirely based on the oil industry, making it very sensitive to price fluctuations. Venezuela had to take out international loans in the late 1980s, and the country is currently struggling with hyperinflation and a humanitarian crisis. The economic crisis has also affected the oil industry, and the condition of the infrastructure has deteriorated. The article presents the history of oil extraction and analyses the causes of the current crisis and the possibilities for the future.
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