OPEC (which Venezuela is a member of) opted to open the taps in 2014 to counter rising competition from US fracking[1]. The drop in oil price was at least in pa

OPEC (which Venezuela is a member of) opted to open the taps in 2014 to counter rising competition from US fracking[1]. The drop in oil price was at least in part of their own creation! Additionally, the Venezuelan policy choices since Chavez have significantly reduced economic diversity and increased reliance on Oil, and the population's reliance on the state oil companies.[2] 1: https://www.theguardian.com/business/2015/dec/07/opec-plan-kill-us-shale-oil-price-down-seven-year-low https://www.theguardian.com/business/2015/dec/07/opec-plan-k... 2: (warning pdf) https://web.archive.org/web/20131021050303/http://larc.ucalgary.ca/sites/larc.ucalgary.ca/files/dr._stephen_randall_the_chavez_legacy_march_2013.pdf https://web.archive.org/web/20131021050303/http://larc.ucalg...