How dependant is Venezuela on oil sales? Iraq?

BTW, in case you're wondering, approx 63% of Russia's exports are oil or natural gas. The lions share goes to China. Ergo, if China and Voldemort put pressure on Vlad to wind up the war, there's a good chance a deal can be negotiated.

Is that happening in real time. Yup.

🇻🇪 Venezuela: Oil’s Golden Cage

World Population Review

For Venezuela, oil has long been both a blessing and a trap. The country boasts the largest proven oil reserves on Earth, yet over 90% of its exports come from crude. When oil prices plummet—as they did in 2014—the economy doesn't just slow down. It implodes.

The aftermath? Hyperinflation, mass migration, and a humanitarian crisis. While recent stabilization efforts show faint promise, Venezuela’s economic engine remains tightly bound to a volatile global oil market.

Hard truth: In 2020, Venezuela’s oil output hit a 77-year low, despite holding the world’s largest reserves.

🇮🇶 Iraq: Black Gold, Fragile Foundation

In Iraq, oil isn’t just a major export—it’s nearly the only one. Over 95% of government revenue comes from oil, making the economy exceptionally vulnerable to price shocks or OPEC disputes.

Though there are talks of reform, diversification is inching forward at best. Oil booms fund salaries and stability; busts bring unpaid public workers and unrest.

Sobering insight: In 2020, an oil price crash left Iraq unable to pay government salaries for months.