- US sanctions have crippled Venezuelan oil production to its lowest in nearly 100 years.
- After earning about $90 billion/year from oil exports a decade ago, Venezuela is on pace to earn only $2.3 billion this year.
- The sanctions prevent most oil companies from drilling and buying Venezuelan oil.
- Heavily reliant on government benefits, Venezuela’s citizens have been hit hardest.
- Venezuela has become Latin America’s poorest country, recently falling behind Haiti.
- For revenue, the Venezuelan government now relies heavily on illicit gold mining and drug trafficking.
