CARACAS — A price war between world oil producers has slashed Venezuela's revenue for its top export and exacerbated the country's financial crisis as it also faces the coronavirus pandemic, U.S. sanctions and sliding crude output. More than 90% of Venezuela's export revenue comes from oil. The country risks generating less than $8 billion this year, a third of $25 billion in 2019, according to Caracas-based economic consultancy Ecoanalitica. Two other local consultants also projected the government will have less than half the funds it managed last year. Three weeks ago President Nicolas Maduro called crashing oil market a "brutal blow" that dropped the price below the cost of production.

Source: International New York Times April 03, 2020 14:03 UTC