Venezuela’s oil revenue collapses 99% in six years: Maduro

Venezuela’s oil revenue collapses 99% in six years: Maduro

Picture used for illustrative purpose. File



Venezuela's oil revenue has collapsed 99 percent over the last six years, President Nicolas Maduro said, blaming financial sanctions put in place by the US for much of the loss.

The country is home to the world's biggest oil reserves but has seen its economy shrink by more than half under Maduro, the political heir to leftist firebrand Hugo Chavez who died in 2013.

Thirty billion dollars have been lost each year