A decade earlier, Venezuela, a petrostate under the leadership of Hugo Chavez, witnessed a collapse in RuneScape gold oil prices. As of 2017, the price of a barrel plummeted to just $50, down from a peak that exceeded $100 and there was a resurgence in sanctions against Venezuela. U.S. instituted wide-ranging sanctions against Venezuela's government that is authoritarian.

"When oil prices began to fall then there was no money to import the products," said Alejandro Velasco who is professor of New York University who specializes in Venezuelan politics, during an interview over the phone. "As consequently there was no money to support the economy."

Venezuela's coffers were already empty after it spent its most recent oil wealth on social services , including subsidized medical, food, along with literacy and health programs. Chavez also exiled perceived dissenters from the oil industry after an attempted coup attempt, that affected production.

And widespread corruption in the administration further damaged the economy, as per Paul Angelo, a fellow at the Council for buy rs07 fire cape Foreign Relations who is an expert on Latin American politics.