Venezuela crisis is the hidden consequence of Saudi Arabia's oil price war

Venezuela faces consequence of Saudi Arabia's policy of keeping oil prices deliberately low

Venezuela is sinking ever deeper into a political and economic calamity. Inflation is above 700% and GDP is more than a third below 2013 levels. The country with the world’s largest proven oil reserves is now the world’s most indebted country – no other nation has a larger public external debt as a share of GDP or of exports. Living standards have truly collapsed.

Many factors have contributed to Venezuela’s current crisis including mismanagement of oil wealth by former president Hugo Chavez and the current leader, Nicolás Maduro, and criminality, lawlessness and