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Petrol Pump Pain: Venezuelan Gasoline Prices Jump 6,000%
Gasoline will no longer be cheaper than water for Venezuelans after President Nicolas Maduro devalued the national currency and raised petrol prices sixty-fold. I take responsibility for it, said Maduro. Caracas has hiked petrol prices for the first time in 20 years, as the oil-dependent Venezuelan economy is no longer able to subsidize prices at … Continue reading
Venezuela On Verge Of Default As Oil Prices Fall
The country with the world’s biggest crude reserves could default on its $122.9 billion external debt as early as this month. The plunge in oil prices puts Venezuela’s ability to pay creditors in doubt. Caracas is scheduled to make a $1.5 billion external bond repayment on February 26. Despite the crisis the country has managed … Continue reading
Poverty Hits 48.4% Of Households In Venezuela
A survey compiled by UCAB (Andrés Bello University), UCV (Central University of Venezuela), and USB (Simón Bolívar University) shows that the Venezuelan economic crisis, dominated by galloping inflation, was harsher on the most vulnerable sectors of the country last year. A survey found that 1.7 million households live in extreme poverty conditions. By EL UNIVERSAL … Continue reading
Iran Calls On Venezuela To Help Defuse Oil Prices Falling Plot
Iranian President Hassan Rouhani has urged Venezuela and other aligned OPEC states to cooperate in an effort to defuse an oil price decreasing plot. MOSCOW, January 10 (Sputnik) – President of Iran Hassan Rouhani has called on Venezuela and other aligned OPEC countries to join forces in defusing the plot of a number of countries to decrease oil prices, Iranian news agency … Continue reading
Will China Save Venezuela?
By Shannon Tiezzi As we head into 2015, one trend at least is carrying over from 2014 – plummeting oil prices. And with the falling price of oil, major producers are falling into economic recessions. One of the hardest-hit countries, Venezuela, is a longtime partner of China and now is looking to Beijing for an … Continue reading
Venezuela’s Maduro Cuts Spending In Face Of Oil Glut, Starting With His Own Salary
By Z.C. Dutka In an announcement made on Friday, Venezuelan president Nicolas Maduro pledged to slash spending in certain areas, such as senior government officials’ salaries, while swearing “we will never cut one bolivar of what we spend on education, food, housing… on our people.” Yesterday the South American leader authorized a 20% cut in … Continue reading
Maduro Says Venezuela Determined To Fight For Return To $100 Oil Price
Venezuela is determined to fight for a return to a ‘fair’ $100 oil price, President Nicolas Maduro announced following OPEC’s decision to keep current output levels. The continued price plunge is negatively affecting vast social programs run by the owner of the world’s largest proven oil reserves. “We haven’t managed to do it so far,” … Continue reading
Venezuela’s Maduro Says Special Global Oil Meeting Planned To Discuss Prices
According to Venezuelan President Nicolas Maduro, a “special meeting” is being planned between both OPEC and non-OPEC nations to discuss global oil prices, without giving further details, Reuters reports. “We have coordinated for a special meeting very soon of OPEC and non-OPEC countries to take decisions in defense of oil and the prices of oil … Continue reading
Venezuela Has Lost 30% In FX Dollar Revenues Amid Fall In Oil Prices, Maduro Says
Venezuela has lost 30% of its foreign exchange revenue in dollars over the last month as a result of a “tremendous” drop in oil prices, Venezuelan President Nicolas Maduro said during a nationally televised address from Caracas on Thursday night, Bloomberg reports. The average oil-export price for Venezuela last week fell to $72.80 per barrel, the … Continue reading
Venezuela Says Not Planning Currency Devaluation Or Changes To FX System
Venezuela does not plan to devalue its currency or make any changes to its existing foreign exchange system, the nation’s Finance Minister Rodolfo Marco said during a televised interview with local media on Sunday, according to Reuters. “There is a guarantee that we will maintain that foreign exchange system in such a way as to … Continue reading
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