A country in South America, sits on the world's largest confirmed deposits of hydrocrbons
Opinion: Venezuela’s endless endgame
Bankrupt and in an economic freefall, Venezuela has become the scene of a humanitarian drama. The opposition is finally unified and appears close to being able to push the die-hard Chavista regime out. Much of the outside world, including Latin America, Europe and the United States, is eager to help, but the devil, as always, is in the detail.
VIDEO: Venezuela: How not to run an oil sector | GIS: Global Trends Video Reports
Venezuela stands out among oil producing countries for its contradictions. Though it sits on the world’s largest proven oil reserves, it is not even among the top 10 producers. It has more than a century of experience with the oil industry, yet in recent years it has become a textbook example of the oil curse. It was a key player in the establishment of OPEC, but today it has little influence within the organization. Once an industry leader, it now holds many lessons for other governments on how not to run their oil sectors. In a nutshell, Venezuela has become a sad story of how bad policies and shortsighted governments can squander the family silver.
Opinion: The worrying faults of the UN migration compact
Countries are due to sign a United Nations pact on migration next week. However, its global, one-size-fits-all approach is dangerous. It risks many unintended consequences, including mass migration for welfare benefits and huge burdens on destination countries. Migration remains an important problem to be solved, but the answer is not to create yet another global bureaucracy.
Opinion: The ‘military option’ in Venezuela is an illusion
The Chinese government is reportedly considering helping Venezuela’s government meet its most pressing domestic needs and start rebuilding the nation’s hydrocarbons industry. The United States, meanwhile, is hinting that it could use force to remove the increasingly brutal regime. Collective pressure on Caracas from the Latin American community, however, remains the only realistic way of resolving the crisis.