CARACAS, VENEZUELA -- Venezuela, one of the world’s most oil-rich countries has become one of the poorest and most dysfunctional over the last few years. It is a nation in crisis. Over 90 percent of their export earnings are derived from petrochemicals, the price of which has plummeted over the last several years. The low price of oil brings into question how much longer the Petrocaribe Agreement, an oil alliance between Venezuela and several Caribbean states, can last and with it, Venezuela’s influence in the Caribbean and Latin America.
Full story