Venezuela’s oil workers are quitting in droves. Those that remain sometimes collapse on the job
At 6:40 a.m., Pablo Ruiz squats at the gate of a decaying oil refinery in Puerto La Cruz, Venezuela, steeling himself for eight Sisyphean hours of brushing antirust paint onto pipes under a burning sun. For breakfast that morning, the 55-year old drank cornflour mixed with water.
Ruiz’s weekly salary of 110,000 bolivares— about 50¢ at the black market exchange rate— buys him less than a kilo of cornmeal or rice. His only protein comes from 170 grams of canned tuna included in a food box the government provides to low-income families. It shows up every 45 days or so. “I haven’t eaten meat for two months,” he says. “The last time I did, I spent my whole week’s salary on a meal of chicken.”
Hunger is hastening the ruin of Venezuela’s oil industry as workers grow too weak and famished for heavy labour. With children dying of malnutrition and adults sifting garbage for table scraps, food has become more important than employment, which is why thousands are walking off their jobs.
A socialist autocracy that once was South America’s most prosperous nation, Venezuela is suffering an economic collapse. Gross domestic product has contracted 40 percent since 2013. Food inflation surpassed 2,500 percent in January alone, according to independent estimates, the result of price and currency controls that have created acute shortages. In a new survey by three Venezuelan universities, more than 64 percent of respondents said they’d lost weight in 2017, 25 pounds on average.
This story is from the 16 March, 2018 edition of Bloomberg Businessweek Middle East.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the 16 March, 2018 edition of Bloomberg Businessweek Middle East.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Golfing With The Enemy
Did Donald Trump's executives violate the Cuban embargo?
Super-Rich Syrians Wait for War's End
Actor, author, playwright. Gill Pringle tries her hand at unravelling the mystery behind this enigmatic multi-hyphenate
Pam Codispoti
The mastermind behind the industry-shaping Chase Sapphire Reserve Card sets her sights on banking
This Time It's The Economy
President Rouhani’s budget sets offprotests from people angry about unemployment and inflation
Saudi Prince Counts On Support Of Citizens
State-worker salary increases appeal to the people, but policy may throw the budget off track
Stalin's Legacy Is Choking The Ukrainian Economy
The government has resisted pressure to lift a ban on land sales, despite pressure from the IMF and investors
Catastrophe Bonds Survive A Stormy Year
The turbulence of 2017 couldn’t destroy a market for betting against disasters
Riding The West Bank's Credit Boom
Increased consumer lending is creating a bubble in the West Bank
You'd Be Crazy To Buy Pizza With Bitcoin
Speculative fervour makes the cryptocurrency clumsy for commerce
What If The President Loses His Party?
Trump has to figure out a way to work with Republicans in Congress, or the global economy may be at stake