Venezuela is a country in South America whose capital and largest city is Caracas. Venezuela has large oil reserves and is
one of the leading oil exporters. However, Venezuela has a high level of crime and poverty.
A new war of words has broken out between Washington and Caracas after President Donald Trump banned the use of the oil-backed cryptocurrency launched by Venezuela in a bid to undermine the dominance of the petro-dollar.
"The imposition of US oil sanctions is now edging closer to reality. Such a move would act as the death knell for Venezuela's oil industry," PVM Oil Associates’ Stephen Brennock said in a note this week.