Venezuela’s curse: Despite having most proven oil resources, the economy is strained
The Hindu
After announcing a naval blockade and seizing two oil tankers, the Donald Trump administration has now ordered U.S. military forces to focus on enforcing a ‘quarantine’ of Venezuelan oil for at least the next two months, amping up economic pressure on Caracas. This could worsen the already weak Venezuelan economy. But how did a petrostate with the most proven resources end up with a strained economy in the first place?
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