Venezuela is vulnerable. The White House in August imposed new economic sanctions on the country and the oil glut caused by the coronavirus pandemic, meanwhile, is rendering Venezuela’s vast supply of recoverable oil near-worthless.
“[N]o other country in the region will be as hard hit as Venezuela, which relies on oil sales for 85 percent of its government spending,” writes Andres Oppenheimer, a columnist for the Miami Herald. “Last year, Venezuela’s oil exports had already fallen to $9 billion, from $73 billion in 2011.”
All these factors — U.S. sanctions on Venezuelan oil, the coronavirus pandemic and consequent oversupply of oil on the global market — combine to make a perfect storm that leaves Venezuela susceptible to further bankrolling by China and Russia. President Donald J. Trump can’t allow these opportunists to swoop in and exert more control over a crumbling Venezuela. ….