Apocalypse Now: Venezuela, Oil and Reconstruction

Halff, Antoine; Monaldi, Francisco; Palacios, Luisa; Santos, Miguel Ángel

doi:10.2139/ssrn.3822695

Cited by 2 publications

(9 citation statements)

References 0 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…From June 2014 to February 2016, the price of Brent crude fell from $112 a barrel to $27 (US Energy Information Administration, 2016). Accordingly, Venezuela's oil revenues fell from $94 billion in 2012 to $27 billion in 2016 (Halff et al, 2017). This 73 per cent decline in oil revenues represented a massive shock to the country's income.…”

Section: Venezuela: a Brief History Of Its Rise And Fallmentioning

confidence: 99%

“…This 73 per cent decline in oil revenues represented a massive shock to the country's income. To illustrate, in 2014 oil exports accounted for 95 per cent of Venezuela's total export earnings, 60 per cent of fiscal revenues, and 17 per cent of total GDP (ECLAC, 2016;Halff et al, 2017;Société Générale, 2018). Moreover, since the state managed most of the goods imported to Venezuela, the decline in oil prices resulted in the government cutting real imports per capita by 74 per cent (Halff et al, 2017).…”

Section: Venezuela: a Brief History Of Its Rise And Fallmentioning

confidence: 99%

“…To illustrate, in 2014 oil exports accounted for 95 per cent of Venezuela's total export earnings, 60 per cent of fiscal revenues, and 17 per cent of total GDP (ECLAC, 2016;Halff et al, 2017;Société Générale, 2018). Moreover, since the state managed most of the goods imported to Venezuela, the decline in oil prices resulted in the government cutting real imports per capita by 74 per cent (Halff et al, 2017). Since imports of basic goods accounted for 70 per cent of Venezuela's consumer goods, cutting imports produced chronic shortages of goods, and the country's inflation rate skyrocketed.…”

Section: Venezuela: a Brief History Of Its Rise And Fallmentioning

confidence: 99%

“…However, since the sanctions, Colombia's production has increased, while Venezuela's production has collapsed. Specifically, Venezuela went from producing 2.2 million oil barrels per day in May 2017 to 550,000 barrels per day in 2020 (Halff et al, 2017;OPEC, 2021).…”

Section: Collapse Of the Venezuelan Oil Sectormentioning

confidence: 99%

“…From June 2014 to February 2016, the price of Brent crude fell from $112 a barrel to $27 (US Energy Information Administration, 2016), representing a massive shock to the country's income. Moreover, since the state managed most imported goods, the decline in oil prices resulted in the government cutting real imports per capita by 74 per cent (Halff et al, 2017), which led to chronic shortages of goods and skyrocketing inflation.…”

mentioning

confidence: 99%

See 4 more Smart Citations

Venezuela's collapse: Exogenous shock or institutional design?

Jraissati¹,

Jakee

2022

Economic Affairs

View full text Add to dashboard Cite

Venezuela was the fastest‐growing economy of the twentieth century until the 1970s, and it still has the world's largest known oil reserves. Yet in recent years, it has experienced the greatest economic collapse in South America's history, condemning 96 per cent of its people to poverty. Much of the existing literature blames foreign sanctions or a decline in oil prices, or both. We disagree, arguing the breakdown was caused by explicit institutional changes that politicised the oil industry and replaced market mechanisms with central planning. The institutional restructuring also disregarded monetary stability and basic infrastructure, including electricity supply, telecommunications, and even security.

show abstract

Section: Venezuela: a Brief History Of Its Rise And Fallmentioning

confidence: 99%

Section: Venezuela: a Brief History Of Its Rise And Fallmentioning

confidence: 99%