Death by total incompetence.
Another triumph of the World Socialist Movement.
Venezuelans Throng Grocery Stores Under Military Protection
Arab countries equally dependent on extortionate prices for oil have had decades to amass a very large rainy day fund.
It's they who are flooding the market, in fact.
OPEC
Not so Venezuela, which has relied on oil loot to support a plethora of socialist and redistributive initiatives.
They have even been helping support such things in Cuba.
The price decline will cost all 12 OPEC members a total of $257 billion in lost revenue this year, according to the EIA.
Venezuela has a 93 percent chance of defaulting on its debt over the next five years, according to CMA, a data provider owned by McGraw Hill Financial Inc.
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