Trump claims control of Venezuelan oil proceeds

Venezuela's oil industry is one of the most striking illustrations of how politics can both create and destroy economic prosperity.  According to Chief Economist, Don Consultancy Group Chifipa Mhango,  Venezuela is endowed with the world's largest proven oil reserves and should, in theory, be among the most prosperous energy economies globally. Instead, it has become a case study in how political choices, institutional decay, and misaligned incentives can cripple a strategic sector and, by extension, an entire national economy. Meanwhile, following the capture of toppled Venezuelan president Nicolas Maduro, US President Donald Trump has said Venezuela will be turning over upto 50 million barrels of what he calls sanctioned oil to America. He said the money raised will be controlled by him. To discuss the Political Economy of Oil in Venezuela and lessons to be learned , Sakina Kamwendo spoke to Chifipa Mhango,Chief Economist at Don Consultancy Group