We have updated our Privacy Policy and Terms of Use for Eurasia Group and its affiliates, including GZERO Media, to clarify the types of data we collect, how we collect it, how we use data and with whom we share data. By using our website you consent to our Terms and Conditions and Privacy Policy, including the transfer of your personal data to the United States from your country of residence, and our use of cookies described in our Cookie Policy.
{{ subpage.title }}
A graph comparing Venezuela's GDP per capita with the average price of crude oil.
The Graphic Truth: Economic turmoil in Venezuela
Venezuela has the world’s largest oil reserves but a combination of corruption, mismanagement, and tough US sanctions since the Maduro regime came to power in 2013 has meant that the petrostate has failed to benefit from its vast reserves of liquid gold.
While high oil prices under the Chavez regime in the early 2000s gave a boost to Venezuela’s middle class, US sanctions first imposed in 2006 – and significantly ramped up under the Obama and Trump administrations – have cut Caracas off from US financial systems.
Economic hardship is rife, with a staggering 50% of people living in extreme poverty. Pervasive hopelessness has also led to one of the worst migrant crises in the world.
In a bid to offset a global energy crisis in 2022 as a result of Russia’s war in Ukraine, the Biden administration began lifting some sanctions on the Venezuelan oil sector. So how are things faring? We look at GDP per capita and corresponding oil prices since 1999.
COVID lockdowns in Colombia forcing refugees to return to Venezuela
GZERO World takes viewers to Colombia as Venezuelan refugees risk everything once again—this time to cross back into their home country. As pandemic lockdowns and economic downturn threaten jobs and livelihood in Colombia, many are left with no choice but to return to Venezuela and an uncertain future.
Kendry Fernando tells his story as he walks hundreds of miles with his family, looking for work, and considering a return home to repressive conditions in Maduro's Venezuela.