World Business Report

US oil stocks jump

Jan 5, 2026
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INSIGHT

Scale Of Venezuela's Economic Collapse

  • Venezuela's economy collapsed about 75% from 2013 to 2023, producing massive social fallout.
  • Patrick Duddy warns that 80% of Venezuelans now live below the poverty line and 8 million fled the country.
INSIGHT

China's Strategic Stake In Venezuela

  • China will be unhappy about losing influence because it currently takes most of Venezuela's oil exports.
  • Duddy says China used Venezuela as a regional landing pad and would regret losing that foothold.
INSIGHT

Big Reserves, Tiny Current Output

  • Venezuela once produced over 3 million barrels a day and now produces roughly a third of that.
  • The oil sector's collapse explains why huge reserves don't translate to current global export power.
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