Oil pump jacks are seen in Lagunillas, Venezuela May 24, 2018. (Photo by Reuters)

Venezuela’s economy is facing new challenges, as the oil prices have hit record lows in the past days, dropping to as low as 18 dollars per barrel.

The oil price war between Saudi Arabia and Russia is starting to impact the Latin American nation which collects 90 percent of its income through its oil exports.

The country is now bracing for yet another crisis. The coronavirus pandemic which has been spreading around the world like wildfire has found its way into Venezuela.

On top of all these are the US sanctions against Caracas, aimed at toppling the administration of President Nicolas Maduro, which have adversely affected the country’s economy.

According to experts, Venezuela risks generating less than $8 billion this year, almost a third of the $25 billion earned in 2019. Venezuelan officials say the government is adopting policies to help alleviate the economic difficulties. However, the opposition has a different point of view on the matter.

But pro-government officials say Maduro will continue to serve in office despite America’s aggressive stance against his cabinet.

In times of falling oil prices worldwide, Venezuela faces the tough challenge of getting financial resources to improve the country’s situation despite the ongoing US blockade against its economy.

SOURCE: PRESS TV