The largest beer brewer in Venezuela has shuttered operations, citing declining currency shortages.

Polar Beer, which is estimated to brew 80 percent of all Venezuelan beer, recently announced it had closed its last plant. Beer is estimated to account for 70 percent of all the alcohol consumed across the country. It's estimated that Venezuelan's consume at least 71 liters of beer annually.

Beer Shortages Expected

Up until this point, Cerveceria Regional had stood as the region's second largest brewer, commanding about 15 percent of the market. Many analysts now doubt that it will be able to meet market demands.

An official from the Venezuelan Beer Makers Chambers has already predicted there could be consumer shortages for at least the next three months.

"Even if all the other brewers band together, there will be beer shortages," said the spokesperson. "Even if Polar gets all the currency it needs today, there will three months of beer shortages."

Polar Needs at Least $160 Million to Restart Operations

Reportedly, the company is in need of at least $160 million in upfront cash to cover expenses and obligations with providers.

In a tersely worded statement, Polar officials confirmed "operations were suspended today," which included the shuttering of the San Joaquin plant in Carabobo state, the company's largest. In addition, three other plants were closed.

Company officials added such drastic measures were taken after the executives were unable to gain the government controlled U.S. dollars needed to import the malted barley needed to brew.

Overall, the 70-year-old company counted on beer sales for about 40 percent of its revenue. To date, at least 6,500 workers have been laid off.

With political unrest swelling, Venezuela already finds itself in the midst of an economic crisis that greatly threatens the vitality of the oil-rich nation.

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