Venezuela's debt repayment capacity is highly dependent on the trend of international oil prices. When oil prices are high, the country's fiscal revenue is sufficient, and debt risk is manageable; once oil prices fall, fiscal space immediately contracts, and the risk of a debt crisis increases. This logical chain reflects the fragility of commodity-dependent countries—over-reliance on a single industry leads to economic and debt fluctuations that swing dramatically with international price movements. For traders focused on emerging markets and global asset allocation, understanding the relationship between the debt structure of such countries and energy price cycles is crucial for risk assessment and investment decisions. It also reminds us that macroeconomic risks are often hidden within the volatility of commodity prices.