![]() ![]() MARTÍNEZ: And this leads to what the U.N. It's had hyperinflation, the, you know, shortages of food, medicine, gasoline, the collapse of the infrastructure. NEUMAN: It's lost 80% of its economic production. He's also the author of "Things Are Never So Bad That They Can't Get Worse: Inside The Collapse Of Venezuela." MARTÍNEZ: William Neuman is a former New York Times Andes region bureau chief. WILLIAM NEUMAN: Venezuela has been in the midst of, you know, a historic, epic economic collapse for the last eight years. has banned American oil companies from operating in Venezuela. And because of the Maduro regime, the U.S. He's also one of the strongest Latin American allies of Russian leader Vladimir Putin. doesn't recognize the presidency of Nicolas Maduro. to look elsewhere for that oil, that includes the home of the largest crude oil reserves in the world, Venezuela. ![]() But its brutal war on Ukraine has pushed the U.S. Russia is one of the world's largest oil producers. ![]()
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