13309481, ^^^ I agree with all of this|
Posted by Hitokiri, Fri Jan-25-19 02:54 PM
And would like to add that OPEC did play a role in Venezuela's crisis. When the oil crash happened in 2014 (demand for oil suddenly dropped), they did not decrease the production, which would have kept prices at roughly the same level they had been from 2010-2014, which is what normally would happen. Instead they decided to keep producing at the same rate, meaning supply was much higher than demand forcing the prices lower and lower.
I don't say that to say that Venezuela has no fault in the issue. They certainly do. Have an entire economy based on one thing is never a good idea. But as I've stated, the situation is much more complicated than other folks in the thread would have you believe.