Despite increased oil production, Venezuela faces a depreciating currency, accelerating inflation, and scarce foreign exchange. This economic disconnect is attributed to a political economy favoring private deals and an alliance between elites and Trump allies.

<p>Venezuela’s oil production is rising, yet its currency is depreciating, inflation is accelerating, and foreign exchange remains scarce. The disconnect reflects a political economy built on private dealmaking and a mutually beneficial alliance between ruling elites and US President Donald Trump’s acolytes.</p>