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Andean Group - June 2020

Oil sector seeks reform to survive

It is no secret that Venezuela’s economy, and by association the country as a whole, is heavily dependent on oil. High international oil prices allowed former president Hugo Chávez (1999-2013) to roll out a wide range of social welfare programmes, before falling prices contributed to the country’s catastrophic economic collapse under Nicolás Maduro. The fortunes of the Venezuelan oil sector are therefore a matter of significant interest, both within the country and to external observers. 

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