Venezuela, which owes $31bn of sovereign bonds and $28bn of PDVSA bonds, also owes billions of dollars to China and Russia, but its sole foreign-exchange generating industry is in steep decline. Oil output has dropped below 1.3m barrels per day — back to 1947 levels, according to Caracas Capital.

https://www.ft.com/content/df04f4ea-a034-11e8-85da-eeb7a9ce36e4