Venezuela’s options narrow
Sanctions, the oil price shock and the potential exit of Chevron multiply the country’s misery
Venezuela has had to contend with a series of blows to its already struggling economy and ailing oil sector since the turn of the year. And there is very little sign of light at the end of its tunnel. In February, the US State Department announced a new round of sanctions against a trading subsidiary of Russian firm Rosneft—Venezuela’s principal crude marketer since sanctions forced international firms to shun the country’s oil sector. The sanctions were followed in March by additional measures against another Rosneft arm. The company may now step back from Venezuela as a result, making it yet more difficult for the country to find buyers for its oil. The oil price crisis is compounding Vene
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