CCTV: Farnsworth on Venezuelan Energy and the Economy

A 20 percent decline in global oil prices is putting pressure on Venezuela, which relies heavily on revenues from energy exports to drive its economy. “It’s not just the energy sector, this is the entire economy of Venezuela,” said COA's Vice President Eric Farnsworth on CCTV. Farnsworth said that falling energy prices resulting from new supplies in non-OPEC markets present a challenge to President Nicolás Maduro, who has leveraged high energy profits to strengthen regional partnerships. “Venezuela has perfected the art of energy diplomacy,” Farnsworth explained. “To the extent that that is no longer possible, the ability to outreach to other governments and people in the hemisphere is greatly reduced.” Farnsworth also discussed the key economic challenges Venezuela faces ahead of the new year.