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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.

Mitt Romney on the threat Russia poses to the world

GZERO World Clips

Mitt Romney on the threat Russia poses to the world

It was nearly 11 years ago that then-presidential candidate Mitt Romney sat on stage with then-president Barack Obama and was ridiculed for identifying Russia as America’s chief geopolitical foe. Looking back today, the Utah Senator stands by what he said then. And he looks a heck of a lot smarter on the subject today than he may have in 2012. “They were a geopolitical adversary. No question about it. Every initiative that we had at the UN, they would block.”

Does alcohol help bring the world together?

GZERO World Clips

Does alcohol help bring the world together?

On GZERO World, Ian Bremmer takes a look at the yin and the yang of alcohol's role in high-level diplomacy and society at large. Alcohol can bring people together just as easily as it can tear them apart. From a 1995 Clinton/Yeltsin Summit where a drunk Yeltsin almost derailed Bosnian peace talks, to Obama's Beer Summit and the recent G7 Summit, booze plays a part in how world leaders interact.

The (political) power of alcohol

GZERO World with Ian Bremmer

The (political) power of alcohol

Alcohol. It's a dangerous drug that has ruined countless lives and derailed many a global summit. But it's also humanity's oldest social lubricant, a magical elixir that can fuel diplomatic breakthroughs, well into the wee hours of the night. As Winston Churchill once quipped, "I've taken more out of alcohol than alcohol has taken out of me." On GZERO World, we take a deep dive down the bottle and examine the role alcohol has played in society, politics, and global summitry—from the earliest hunter-gatherer days to that memorable Obama Beer Summit in 2009. Joining Ian Bremmer is philosopher Edward Slingerland, whose new book Drunk: How We Sipped, Danced, and Stumbled Our Way Into Civilization makes a compelling, if nuanced, case for alcohol's place in the world.

Two beer bottles: Podcast: Alcohol’s role in the world, explained by Edward Slingerland

GZERO World with Ian Bremmer Podcast

Podcast: Alcohol, diplomacy & society, from Edward Slingerland's perspective

Listen: A deep dive down the bottle to examine the role alcohol has played in society, politics, and global summitry—from the earliest hunter-gatherer days to that memorable Obama Beer Summit in 2009. Joining Ian Bremmer on the GZERO World podcast is philosopher Edward Slingerland, whose new book Drunk: How We Sipped, Danced, and Stumbled Our Way Into Civilization makes a compelling, if nuanced, case for alcohol's place in the world.