Where all 14 OPEC members stand ahead of November’s crucial meeting (USO, OIL)

Venezuela is on the brink of political and economic collapse.

An opposition supporter holds a prescription, as people protest against shortage of medicines and demand a referendum to remove President Nicolas Maduro, during a demonstration in Caracas, Venezuela November17, 2016.Marco Bello/Reuters

Risk for next year: 10

Oil production last month: 2.18 mb/d

Oil production 2015 average: 2.36 mb/d

Venezuela is currently on the precipice of political and economic disaster, plagued by economic mismanagement, a chronic balance of payments problem, soaring inflation, food and essential goods shortages, andlooting and violence. Most recently, its state oil company, PDVSA, activated a 30-day grace period for $404 million in interest payments on its 2021, 2024 and 2035 bonds.

“Seasoned country experts contend that production could soon dip below 2 mb/d. While many market participants think of Venezuela as likely to cheat, it simply lacks the barrels to do so in our view,” wrote Croft.

“…it is likely that no sovereign producer is facing as frightening a future in a low oil price environment.”

Source: RBC Capital Markets