Related Articles
Report
Forward article link
Share PDF with colleagues

How much worse can it get for Venezuela?

The country's oil industry would suffer badly in a default scenario

THIS oil downturn has inflicted damage far and wide. But nowhere has it hit harder than in Venezuela, which is careering towards a possible default at the sovereign level or at its state oil company PdV. It scarcely matters which: either would inflict a heavy toll on the country’s oil industry. The descent into economic chaos has been relentless. Venezuela’s oil-dependent economy was already in perilous shape with close to $100-a-barrel oil thanks to years of wasteful mismanagement of tens of billions of petrodollars. With oil at $40/b, the country’s finances are melting down. The IMF expects the economy to shrink by 8% this year after a 5.7% decline last year. If the IMF’s 2017 GDP forecas

Also in this section
Canada: Trump OK is not the end of the line for Keystone XL
28 March 2017
The challenges are not over for the pipeline which will run from Alberta to the Gulf Coast
Oil and gas in the new world order
22 March 2017
Geopolitical risks are changing and rising. The energy sector will be in the crosshairs
Slow reset of US-Russian relations
20 March 2017
Trump and Tillerson should help improve US-Russia relations. But an end to sanctions doesn't look imminent