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Thursday, October 15, 2020

Venezuela’s oil revenues have fallen 99% in 5 years

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Nicolás Maduro revealed on Tuesday that Venezuela experienced “the sharpest drop in export revenues in its history between 2014 and 2019.”

Venezuela recorded between 2014 and 2019 a “brutal” drop of 99% of its oil revenues, Venezuelan President Nicolás Maduro said on Tuesday.

“Between 2014 and 2019, Venezuela experienced the most brutal drop in export revenues in its history, perhaps this is the first time that I have referred to these figures in public: in six years we have lost 99% of our income in foreign currency, ”he said in a television and radio address.

Since 2015 “the rate of fall in Venezuela’s export revenues has amounted to $ 30 billion (27.6 billion francs) per year,” he said. “This figure defies the imagination, it turns out to be impossible to imagine even the extent of the pressure that has been placed on our economy,” added the Venezuelan president.

Less than $ 400 million in 2019
According to Nicolás Maduro, head of the country with the largest crude oil reserves in the world, “for every $ 100 obtained in 2014 from the sale of oil, today you get less than one.” As a result, oil revenues will fall from over $ 56 billion (51.5 billion francs) in 2013 “to less than $ 400 million (370 million francs) last year,” he calculated.

This debacle, he explained, “had as its main cause the declared war on oil prices” in order to “attack the main producers in the world”, and then, “we went to phase two, collapse, total persecution of the economy and finances of the country ”. But experts, who admit that the sanctions imposed on Venezuela have “exacerbated” the crisis, can be traced to macroeconomic mismanagement and corruption.

In order to combat the effects of these sanctions, Nicolás Maduro presented to the Constituent Assembly, controlled by his supporters instead of Parliament, an “anti-blockade” law, supposed to help the country circumvent these sanctions. An independent body, Encovi, said last July that poverty indices had reached unprecedented levels. In 2019, 96.2% of Venezuelan households were considered poor and 79.3% of them as “extremely poor”, compared to 92.6% and 76.5% respectively the previous year.

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