Venezuela is teetering on the brink. Venezuela’s oil production is on the brink of collapse – Business Insider
If oil production collapses in the country, they won’t have a dime. They are already in a really bad way.
The inflation rate, according to the IMF, will balloon to 720 percent this year. Food shortages have been common for quite some time, but are deepening and wearing down the population. Three out of four people surveyed by the WSJ reported involuntary weight loss last year. Hospitals have completely broken down.
No food, no medical care. (What? I thought health care was a right. How could this happen in a socialist paradise?)
So why is oil production declining? Because the .gov used the oil money to buy and keep power, and spent none of it on maintenance. But there is a funny thing about oil equipment… it breaks down.
Crude oil production is down 18 percent since 2015 and is expected to decline 10 to 15 percent this year. Venezuelan oil refineries are also breaking down, unable to obtain spare parts.
The litany of decay goes on from there. Unpaid bills. Oil sent abroad, not kept for domestic use. The security services of the country are getting restless too. (They have families who can’t eat after all.) As Margaret Thatcher would have said, they have reached the point where they’ve run out of other people’s money.