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Weekly Report - 17 May 2018 (WR-18-19)

VENEZUELA: Could oil fiasco produce Maduro shock?

Revelations about the chronic mismanagement and misuse of taxpayers’ money days before presidential elections would suffice to see the incumbent government turfed out of power in most democracies. Not least if this is directly responsible for a shortage of basic goods and essential medication. This is the situation in Venezuela. Figures released this week confirmed the unremitting decline of national oil production, and an exposé showed that the state cash cow Pdvsa has resorted to importing crude from third countries in order to supply its diplomatic allies in the Caribbean, especially Cuba, at a loss. Yet despite the prevailing scarcity President Nicolás Maduro is looking to win re-election with a record glut of 10m votes on 20 May.

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