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Source: Francisco Rodríguez, “Crude Realities: Understanding Venezuela’s Economic Collapse,” Venezuelan Politics and Human Rights (blog), Washington Office on Latin America, September 20, 2018.
Rodríguez found that oil production in Venezuela followed the same general pattern as in Colombia until Trump’s financial sanctions were imposed. Production levels in both countries basically tracked international oil prices, but after Trump’s sanctions were imposed production levels in both countries diverged drastically: Venezuela’s plummeted while Colombia’s stabilized. Had Venezuela’s production continued to follow the same pattern as before the financial sanctions, its oil revenues would have been drastically higher.