The figures I have read in the past suggested that 96% of Venezuelas exports is oil. You don't have to be an expert in economics to see what a giant risk something like this is, pegging the entire fortune of your country to one commodity, especially one which isn't governed by the basic market force of supply and demand, but as Luvianka said, is used as a weapon by various countries in the geopolitical conflicts of the world. What Venezuela should of done is diversified their economy as much as possible, at one time they certainly had the money to do it considering the billions they poured into various social programmes during the Chavez era.
On a side note what do you guys think is the future of Saudi Arabia? I read yesterday that they lost $100 billion dollars last from their reserve. It was claimed that at this rate Saudi Arabia has another five years left to go. Thoughts?
On a side note what do you guys think is the future of Saudi Arabia? I read yesterday that they lost $100 billion dollars last from their reserve. It was claimed that at this rate Saudi Arabia has another five years left to go. Thoughts?