Home Venezuelan Oil Feels Negative Impacts on Production

Venezuelan Oil Feels Negative Impacts on Production

16 July 2018 to 15: 37
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Venezuelan Oil in Crisis

Venezuelan oil feels negative impacts on production and seeks alternatives to get out of the national crisis, which may cause socioeconomic problems in Brazil

The export revenue of Venezuelan oil is the strongest point of its economy, around 95%, as production stops growing and starts to fall, automatically the entire economy collapses, causing unimaginable losses and putting the country in alert state. According to the Organization of Petroleum Exporting Countries (OPEC), the country is operating at low levels and has no forecast of improvements. The International Monetary Fund (IMF) stated that the Venezuelan economy has never experienced a crisis so strong that it is being considered one of the greatest of the modern age. The acting president, Nicolás Maduro, issued a document authorizing PDVSA, the country's state-owned oil company, to increase production to the maximum, but due to the state of scrapping of the state-owned company, it does not have the technical conditions to exploit the local oil reserves that are seen. as one of the largest in the world.

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 Venezuelans Seek Refuge in Brazil Amid Humanitarian Crisis

Venezuelans are seeking refuge in Brazil in the midst of the biggest humanitarian crisis in its history, refugees are arriving from all over with complete families claiming that in their country the salary is not enough to buy a package of rice. Desperate people wanting to work to feed themselves and bring their children the basics a person needs to survive. In Roraima there is no room for anyone, Boa Vista is overcrowded and it becomes unsustainable to keep the city balanced every day. In the capital of Goiana, the number is already starting to rise, and all this because of the external economic problems that are beginning to reflect in Brazil.

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Unemployment in Brazil

According to research by the Brazilian Institute of Geography and Statistics, “The unemployment rate for the quarter ended in March 2018 reached 13,1%, with an increase of 1,3 percentage points compared to the last quarter of last year (11,8% ). The total number of unemployed people also grew in the period, going from 12,3 million to 13,7 million. There was an increase of 11,2% in this contingent, or another 1,4 million unemployed in the country”. We know that, mainly in the O&G sector, the number of unemployed people in Brazil is also very high, we believe in the advancement of the National economy and in the organization of assets, which in this way will avoid in our country what is happening in Venezuela. Below is a link to the IBGE website detailing the above information.

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