Apr 11, 2019

Venezuela's economic situation continues to worsen

Dion Rabouin, author of Markets
Expand chart
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

Go deeper

Updated 21 mins ago - Health

World coronavirus updates

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Axios Visuals

Over 500 schools in South Korea have either closed or postponed reopening, according to the Korea Times, which cites data from the Ministry of Education.

Why it matters: South Korea has been a model for how to handle the novel coronavirus, and the closures reportedly followed concerns from parents and teachers over child safety. The country's confirmed death toll has plateaued at 269 over the past few days, with few increases, per Johns Hopkins data.

Updated 22 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 4 p.m. ET: 5,877,503— Total deaths: 362,731 — Total recoveries — 2,464,595Map.
  2. U.S.: Total confirmed cases as of 4 p.m. ET: 1,735,971 — Total deaths: 102,286 — Total recoveries: 399,991 — Total tested: 15,646,041Map.
  3. Public health: Hydroxychloroquine prescription fills exploded in March —How the U.S. might distribute a vaccine.
  4. 2020: North Carolina asks RNC if convention will honor Trump's wish for no masks or social distancing.
  5. Supreme Court: Senators Grassley, Leahy urge Supreme Court to continue live streams post-pandemic.
  6. Business: Fed chair Powell says coronavirus is "great increaser" of income inequality.
  7. 🚀 Space: How to virtually watch SpaceX's first crewed launch Saturday.

Trump to end Hong Kong’s special trade status

President Trump. Photo: Win McNamee/Getty Images

President Trump announced on Friday that the U.S. would be fundamentally changing longstanding policies toward Hong Kong as a result of Chinese encroachment on the city's autonomy.

Why it matters: Trump said he would be effectively ending the special trade status that has allowed Hong Kong to flourish as a gateway to the Chinese market. That leaves an uncertain future for businesses that operate in Hong Kong, not to mention the city's 7 million residents, and could be met with reprisals from Beijing.