Sunken oil prices are a main factor in Venezuela's economic collapse, both events as bad as any in recent history. A major producer and exporter, Venezuela's problems ripple across the global oil market. The U.S. accounts for 40-45% of Venezuela's crude oil exports, although an increasing amount is going to all-important China and India. Data source: EIAData source: EIAAlready very low, Venezuela's crude oil quality has been dropping. The global oil market needs this oil because more demand is ongoing, as I document here.

Source: Forbes November 05, 2017 23:26 UTC