Venezuelan oil's volatile year

A steep production decline from the country is already priced in, but things could get even worse

Venezuela is the single biggest geopolitical risk for oil markets in 2018. The economy continues to crumble, dragging the oil industry down with it, and a contentious election scheduled for 22 April promises to fuel more political strife in an already bitterly divided country. As the crisis has worsened, Venezuela has moved up the global agenda. The US has taken the lead, ratcheting up the pressure on Nicolás Maduro's government. Economic sanctions on Venezuela have effectively cut the country off from international capital markets, making it nearly impossible for the cash-strapped government to raise new funds. At the same time, personal sanctions on senior officials in Maduro's government