Venezuela in Crisis: What We Know so Far

The video discusses the ongoing political crisis in Venezuela, highlighting the defiance of President Maduro amid protests and the controversial establishment of a new Constituent Assembly. It explores the international response, including US sanctions, and the potential economic impact of a ban on Venezuelan oil imports. The discussion also covers the reliance of Venezuela on oil revenue and the broader implications for the global oil market and US refineries.

What is the main reason for the establishment of a new Constituent Assembly in Venezuela?

• To strengthen ties with the United States

• To rewrite the country's constitution

• To improve the country's economic situation

• To increase oil production

What has been the international reaction to the political situation in Venezuela?

• Imposition of sanctions by the United States

• Military intervention by neighboring countries

• Support for Maduro's government

• Increased foreign investment

How reliant is Venezuela on oil revenue for its foreign currency earnings?

• Not reliant at all

• Slightly reliant

• Moderately reliant

• Highly reliant

Which countries might Venezuela turn to for oil exports if the US imposes a complete ban?

• Canada and Mexico

• Brazil and Argentina

• China and Russia

• India and Japan

What challenge would US refineries face if a ban on Venezuelan oil is implemented?

• Reducing gasoline prices

• Increasing production of light crude oil

• Expanding refinery capacity

• Finding alternative sources of heavy crude oil