The good times have certainly passed away for oil-producing nations like Venezuela. After seeing oil prices rice to as much as $140 per barrel, it is now priced under $40. This has proven to be detrimental to economies whose incomes are largely dependent on oil, such as Venezuela and Arab nations.
So what shall Venezuela do? Produce more oil. What it cannot make up in price, it shall make up in volume. However, this will pump more supply in the market, bringing the prices further down. In the end, the consumers win.
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