Venezuela

Mysterious oil spill continues to ravage Brazil's coast

A mysterious oil spill is ravaging Brazil's northeastern coast, killing sea turtles, limiting fishing and littering the sand with clumps of the crude substance, Bloomberg reports.

What's happening: The oil has been creeping onto the coast for more than a month, and officials have not been able to identify its source. Energy Minister Bento Albuquerque notes the oil is likely coming from a leaking ship and that its characteristics are similar to Venezuelan heavy crude — but that does not necessarily indicate that Venezuela is the source. Venezuela’s state oil company has not accepted any responsibility for the issue.

Developed countries default

Adapted from Beers, et. al, 2019, "The BoC-BoE sovereign default database: What’s new in 2019?"; Chart: Andrew Witherspoon/Axios

The world's most comprehensive database of sovereign defaults, run by the Bank of England and the Bank of Canada, has been updated for 2018, and once again advanced economies are driving the numbers.