Apr 11, 2019

Venezuela's economic situation continues to worsen

Data: OPEC; Chart: Axios Visuals

Venezuela's oil production fell 500,000 barrels per day in March from the previous month, the country reported yesterday.

The bottom line: Despite being home to the world's largest proven oil reserves, Venezuela now pumps around 1/10th of OPEC leader Saudi Arabia's output, and about half of what it produced as recently as 2017.

Flashback: In 2014, Venezuela pumped nearly 3 million barrels of oil daily.

Context: The incredible production recession is the result of crippling U.S. sanctions, which, as Bloomberg reported in February, have half a billion dollars' worth of Venezuela's oil sitting in ships off its coast, and the rapid debilitation of its state oil company under President Nicolás Maduro.

Go deeper: U.S. sanctions cripple Venezuela's oil sector

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Axios

There are warning signs that Nevada could be Iowa all over again

Former Sen. Harry Reid (D) lines up to cast an early vote for the upcoming Nevada Democratic presidential caucus. Photo: Ethan Miller/Getty Images

The alarms are increasingly sounding over Nevada's Democratic caucus, which is just five days away.

Why it matters: Similar issues to the ones that plagued Iowa's caucus seem to be rearing their ugly heads, the WashPost reports.

Go deeper2 hours ago - Politics & Policy

Axios

China tries to contain coronavirus, as Apple warns of earnings impact

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's NHC; Note: China refers to mainland China and the Diamond Princess is the cruise ship offshore Yokohama, Japan. Map: Danielle Alberti/Axios

As China pushes to contain the spread of the novel coronavirus — placing around 780 million people under travel restrictions, per CNN — the economic repercussions continue to be felt globally as companies like Apple warn of the impact from the lack of manufacturing and consumer demand in China.

The big picture: COVID-19 has now killed at least 1,775 people and infected more than 70,000 others, mostly in mainland China. There are some signs that new cases are growing at a slower rate now, although the World Health Organization said Monday it's "too early to tell" if this will continue.

Go deeperUpdated 4 hours ago - Health

Ina Fried

Apple will miss quarterly earnings estimates due to coronavirus

Apple CEO Tim Cook

Apple issued a rare earnings warning on Monday, saying it would not meet quarterly revenue expectations due to the impact of the coronavirus, which will limit iPhone production and limit product demand in China.

Why it matters: Lots of companies rely on China for production, but unlike most U.S. tech companies, Apple also gets a significant chunk of its revenue from sales in China.

Go deeper5 hours ago - Technology