Venezuela's economy collapsed because it depended on oil while running controls, deficits and weak investment, and the 2014 price fall exposed all three. US sa…
US forces captured Nicolás Maduro on 3 January 2026 and Delcy Rodríguez was sworn in as interim president on 5 January. In September she promised elections at the UN but…
OFAC issued General License 46 on 29 January 2026, the day Venezuela approved hydrocarbons law reforms, followed by further licences in February. They do not by themselv…
General License 44 eased oil and gas restrictions in October 2023. The US did not renew it in April 2024, issuing a wind-down licence to 31 May.
The US sanctioned the state oil company PDVSA in January 2019, limiting sales, payments and financing, after financial sanctions in August 2017.
The Central Bank reported 130,060% inflation for 2018. The bolívar lost five zeros on 20 August 2018. Other estimates run far higher.
Rating agencies declared Venezuela in default in mid-November 2017, shutting it out of capital markets.
Oil was about 95% of exports. When prices fell in the second half of 2014, GDP shrank 3.0% that year.
Foreign-exchange trading was suspended on 23 January 2003 and CADIVI was created on 6 February to ration dollars at an official rate.
Fuel and transport price rises under an IMF-backed package sparked riots. The official toll was 277 dead; independent estimates run far higher.
The oil industry was nationalised effective 1 January 1976 and PDVSA became the state operator.
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