Venezuela Loses 99% of Oil Revenues

Venezuelan President Nicolas Maduro announced today that his country saw a "destructive" decline in oil revenues between 2014 and 2019, amounting to 99%.

In a televised address aired hours earlier, Maduro added that "between 2014 and 2019, Venezuela witnessed the hardest decline in export revenues in its history, which has reached about 30 billion dollars annually since 2015," explaining that "this amount is unimaginable as the amount of pressure on our economy is not conceivable."

According to Maduro, "instead of every hundred dollars we got in 2014 from oil sales, today we get less than a dollar" in this country, which has the largest oil reserves in the world.

As a result, oil revenues have declined from more than $ 56 billion in 2013 to less than $ 400 million last year.