Venezuela lost 99 percent of its oil revenues in 6 years

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The Venezuelan President, Nicolas Maduro, acknowledged that his country lost 99% of the volume of foreign exchange earnings in the last six years, which he blamed on the US sanctions that he described as a “total war.”

“In six years, we lost 99% of the volume of income in foreign currency, in other words, of every 100 dollars or euros that the country obtained for oil sale in 2014, today it obtains less than one, “he assured when presenting an” anti-blockade law “before the Constituent Assembly, a body composed only of Chavistas and that has assumed the functions of Parliament.

Earthquake in the economy

The Venezuelan government does not usually release official data about the economy, but according to the president, the Venezuelan state has registered a “gigantic” drop in revenue figures, going from receiving 56,000 million dollars, to less than 400 million dollars last year.

The decrease in income, which, as Maduro himself acknowledged, had not been made public until now, represents a “unprecedented crash that ignores the right and that ignores a certain exquisite left “.

“Without a doubt, it is an earthquake at the very foundations of the entire economy, it had as its initial channel the war declared on oil prices (…) later, when prices began a relative recovery (…) it was then passed to phase 2, the collapse, the total blockade and the total persecution of the economy and country finances“he added.

He also emphasized that “the rate of decline in external income, since 2015, has risen to 30,000 million dollars a year.” In your opinion, “this figure defies one’s imagination”, as well as the suffering that the Venezuelan people have suffered.

Unsustainable situation

Therefore, the ruler asked the audience to find “any country in the world” and ask “their economists what would happen if that economy stopped receiving 30,000 million dollars a year for five years. “

Therefore, he wondered what would happen in the face of “the abrupt fall in eternal income” and how it would affect his indicators, trade balance, Gross domestic product or to price indices, among others. As a consequence, as he stated, “a de facto process of economic, chaotic and speculative informalization has been created.”

Persecution of the USA

Maduro assured that the strategy of the Government of United States It included a “financial persecution to economically asphyxiate” the legal-political operations in foreign courts to strip it of its assets.

Also a “economic embargo international oil and Venezuelan products “, as well as” internal sabotage to provoke the destruction of industrial equipment “of the state company PDVSA.

About the Venezuelan oil production, said that between 2014 and 2019, it fell by 66.5%. “By 2019, we only generated a third of the oil that we produced in 2014,” concluded the Venezuelan head of state.

Venezuela In 1998 it produced about 3.3 million barrels of oil per day and, according to different sources, today it produces about 400,000, although the Venezuelan Government has not made public the figure or, for months, the price at which it sells the crude.

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