World News
Venezuela No Longer Exporting Oil to India; US Stops Imports to India
Reporter Braxton Thomas
As of this week, the socialist nation of Venezuela has stopped exports of crude oil amid sanctions imposed by multiple nations against them. Along with this, America is no longer importing crude oil from Venezuela to comply with its own sanctions.
For the past two years, Venezuela’s oil market has gone less than spectacularly. Home of the world’s largest crude oil reserves, the US hasn’t stopped importing oil since 1973, with the US stopping as recently as January. Multiple agencies including Rabobank, have reported no significant drops in the price of Venezuelan oil since sanctions were enforced by the US. This statement was supported by Ryan Fitzmaurice, energy strategist at Rabobank, told CNN Business’ Matt Egan the same thing. Fitzmaurice placed trust in the companies running the oil market, saying that this would only be a minor bump in the road towards rising the stocks in the coming months. However, he also voiced concern over how many companies need the dense, “heavy oil” these offshore rigs pump out in order to prosper.
On March 8th, a nationwide power outage occurred in venezuela amid multiple power stations being inoperable. Around 49 percent of the country runs on hydroelectric power, however as of recent the country has been in the middle of a very severe drought as well as horrid civil unrest tearing apart the infrastructure of a former “petrostate”. At a time, Venezuela was one of the richest South American countries on the globe, with an economy outdoing its surrounding nations by leagues. Most of the problems have been immediately linked back to Maduro’s aggressive enforcement of policies amongst the public and foreign nations in proximity.
Caracas was especially affected by this power outage with many businesses closing, multiple wrecks due to non functioning stop lights and public transport being packed to the brim within moments of being spotted. Many commoners reported not being able to get to their jobs and some being injured by masses of people climbing into buses. When night fell however, the city of Caracas was plunged into an unsurmounted dark that rivaled that of the pits of hell. The rare functioning spotlight were small havens for the night dwellers of Venezuela. Most however stayed inside amid the surge of crime since the economic crisis hitting the nation. In one night, over 400 million dollars was lost due to the power outages as well as 70 percent of the power to the nation being cut in order to save what little is left. In four days, 17 murders were reported via circumstances related to the power outage. These included thieves using the dark in hospitals to steal the medications keeping others alive straight from them.
The de facto leader of Venezuela, Hugo Rafael Chávez Frías, opposition leader and main head of the movement to have Maduro removed has been allowed to order a state of emergency. With this, he says that the country has already collapsed. Stating that with no functioning infrastructure, the country could not function amongst the other problems ailing the suffering of Venezuela’s public. Many wish to detest Maduro, the outcome of Venezuela’s future however, is still being juggled.