Arabic | Kurdish



Venezuelan Economy Rocked by Ongoing Political Crisis

2019/02/14 | 11:56

(Iraq Now News)-

WAAR_DUHOK

Venezuela is awash with natural resources, which in recent years have been significantly affected by high inflation, declining state revenue and continued political unrest.

Venezuela has rich natural resources, including diamonds, bauxite, gold, iron ore, coal, natural gas andpetroleum.

But its economy depends largely on oil, which accounts for almost 98 percent of the country’s total export revenue.

Venezuela also has an estimated 150 tons of gold reserves, the world’s 25th largest, according to a report published last June by the World Gold Council.

After being Latin America’s second largest coal producer for about a decade, production fell sharply in 2006 after the late Hugo Chavez won a third presidential term.

Venezuela also boasts the Western world’s second largest natural gas reserves, with an estimated 5.6 trillion cubic meters.

The country’s proven oil reserve, meanwhile, is recognized as the world’s largest.

Its crude oil is very heavy by international standards, however, meaning it must be processed by specialized refineries.

Venezuela also continues to be one of the largest suppliers of oil to the U.S., to which it sends roughly 1.4 million barrels per day.

In recent years, Venezuela’s mining and energy sectors have been dogged by high inflation, decreasing revenue, and ongoing political instability.

And since Chavez’s death in 2013, Venezuela’s political situation has remained beset by crisis.

The South American country has been rocked by popular protests since Jan. 10, when President Nicolas Maduro was sworn in for a second term following a vote boycotted by the opposition.

Tensions rose after opposition leader Juan Guaido declared himself acting president on Jan.

23 — a move supported by the U.S.

and a number of European and Latin American states.

Note: The post (Venezuelan Economy Rocked by Ongoing Political Crisis) appeared first on (Waar Media) and do not necessarily reflect the position of IraqNow.news.
You can read the original text from the source (Waar Media).










Trending Now


⋙ Saudi Arabia, Iraq to cooperate in security, intel matters: FM

⋙ Trump‘s raw meat for the Islamophobic trolls

⋙ Isis suspects 'waterboarded' by Iraqi security forces in detention, report says

⋙ Mount Lehman Credit Union Converts to Smart Solution’s Universa Premier Digital Core Banking Suite

⋙ Iraq's wounded and grief-stricken tell a disturbing tale of a divided country after the 'defeat' of Isis

Videos - Photos

⋙ Video: Syrians go back to horses and mules for transportation amid unprecedented fuel crisis

⋙ Cardi B Looks Sexy in New Music Video With Offset

⋙ 20 Perfectly Symmetrical Photos To Soothe Your Soul


ISIS News

⋙ Video: Syrians go back to horses and mules for transportation amid unprecedented fuel crisis

⋙ Cardi B Looks Sexy in New Music Video With Offset

⋙ Isis suspects 'waterboarded' by Iraqi security forces in detention, report says

⋙ Iraq's wounded and grief-stricken tell a disturbing tale of a divided country after the 'defeat' of Isis

⋙ Iraqi court frees French ISIS suspect it says went to Syria to ‘help Yezidis’

⋙ Video: Syrians go back to horses and mules for transportation amid unprecedented fuel crisis

⋙ Iraqi police arrest ISIS member charged in three car bombings