March 9, 2018
The Collapse of the Venezuelan Oil Industry and Its Global Consequences
By Francisco Monaldi
Venezuela is in a state of desperation as its oil industry – for years the foundation of the country’s economy – spirals out of control. With elections on the horizon, the United States speeding up its drumbeat of sanctions, and Russia and China’s influence increasing in the country, the Atlantic Council’s Adrienne Arsht Latin America Center today releases The Collapse of the Venezuelan Oil Industry and its Global Consequences, a new policy brief detailing what’s ahead for the crisis-ridden country and its oil industry.
Written by Atlantic Council author Francisco Monaldi, a fellow in Latin American Energy Policy at Rice University’s Baker Institute and founding director of the Center for Energy and the Environment at the Management Studies Institute in Venezuela, the brief lays out the factors leading to the oil collapse, details sanctions options and their impact, measures Russia’s and China’s increasing presence, and presents various short and long-term scenarios for the industry against a potential default.
Read the Publication (PDF)