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News: Economy

Caracas Farmers’ Market Showcases Grassroots Responses to Economic War

A woman sells fresh produce at the Caracas farmers' market. (Lucas Koerner)

Hundreds gathered in Los Caobos park in downtown Caracas on Saturday morning for an ecological farmers’ market organized by grassroots organizations and cooperatives.

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Venezuelan Authorities Uncover 2,500 Kilos of Expired Flour in Kraft Plant

On Saturday, a cache of 30 tons of corn flour were uncovered by Venezuelan Armed Forces officials in Zulia state as part of anti

Venezuelan authorities discovered 2,500 kilos of expired wheat flour at a plant belonging to the US multinational Kraft Foods in the northwestern city of Barquisimeto. The wheat flour was imported by the food and beverage conglomerate using preferential dollars provided by the Venezuelan state, which are exclusively reserved for importing food and medicines.

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Venezuela Says Oil Glut a Political Strategy as OPEC Leaders Determine Next Step


During a Tuesday live broadcast, Venezuelan President Nicolas Maduro announced that the country’s heavy crude oil was selling for a six-year low of $37.95 a barrel and claimed outside forces would try driving the price to $20 before the December 6th parliamentary elections.

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Venezuela Sues Miami-based Currency Website Dollar Today over Alleged Cyberterrorism

Exchange rates listed on Dollar Today twitter account (Twitter/@DolarToday)

The Venezuelan Central Bank (BCV) opened a lawsuit in a US federal court in Delaware on Friday against the Miami-based currency website Dollar Today, which it accuses of destabilizing the Venezuelan economy by publishing false exchange rate data.

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Maduro Makes Moves toward Economic Reform as New Poll Predicts PSUV Win

President Nicolas Maduro made a series of economic announcements while visiting an industrial site in the Venezuelan state of Ba

Venezuelan President Nicolas Maduro unveiled  a series of economic measures on Tuesday following the release of a new poll predicting a victory for the ruling United Socialist Party (PSUV) in December parliamentary elections.

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2016 Budget Unveiled as Venezuela Pushes for Price Ceiling at OPEC Meeting

(La Patilla/archive)

On Tuesday, Venezuelan officials outlined the 2016 budget, making emphasis on debt payment, while synchronous steps in oil diplomacy reveal an ongoing attempt to raise global prices. 

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Facing Stagnant Oil Market, Venezuela Diversifies Exports by up to 75%

Workers harvesting cacao at the Monterosa plantation in Choroni, Venezuela. (Photo: Meridith Kohut/ The New York Times)

Amid economic crisis fueled by stagnant oil prices, Venezuela is set to increase its non-oil exports by 75% in 2015. 

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UPDATED: Venezuela’s Maduro Signs Deals with China, Vietnam, Meets with Russia to Discuss Oil Prices

China’s President Xi Jinping (R) and Venezuela’s President Nicolas Maduro before their meeting at the Great Hall of the Peop

Venezuelan President Nicolas Maduro set out for a diplomatic tour of Vietnam and China over the weekend, and plans to meet tomorrow in Beijing with Russian president Vladimir Putin to discuss possible steps for stabilizing oil prices.

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Attacks on Venezuelan Commune and Farmland Reported, Crops Destroyed

Edison Diaz (center) accuses Barinas state governor Adan Chavez of ordering a raid to evict farmworkers and destroy their crops.

Over the past week, two different Venezuelan groups have stepped forward to denounce illegitimate raids conducted by National Guard officials (GNB) against peasants on disputed farmland in Barinas state, and on the agricultural commune El Maizal, respectively

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Venezuela Appeals Against ConocoPhillips Ruling, Pitches Special OPEC Meeting

Nicolas Maduro speaks during his weekly broadcast "In contact with Maduro" at Miraflores palace in Caracas on Aug. 11,

On Monday, the Venezuelan Attorney General’s Office reportedly requested that the World Bank’s arbitration panel “reconsider its position” with respect to its ruling in favor of ConocoPhillips’ compensation claim. 

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Venezuela’s Maduro to Present Evidence of US Economic Sabotage as Gold Tumbles

President Nicolas Maduro during the ALBA trade bloc meeting on Monday, in Caracas. (Presidential Press)

Venezuelan President Nicolas Maduro pledged yesterday evening to share evidence in the coming days of the United States’ “Plan Vulture”, which he claims is currently destabilizing leftist Latin American governments through economic sabotage. The upcoming revelation coincides with worsening economic difficulties befalling the Bolivarian nation as gold and oil prices collapse. 

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Venezuela Ramps Up Anti-Crime Offensive, Targets Hoarding and Contraband

176,000 liters of gasoline confiscated by authorities in Zulia state (@VTVcanal8)

Venezuelan security forces executed major raids on criminal groups engaged in hoarding and contraband on Sunday morning as part of the Bolivarian government’s ongoing, national anti-gang offensive.

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Riot in San Felix Highlights Economic War

The unrest began at 7:30 AM on Friday. (Panorama/Twitter)

On Friday morning, residents of San Felix, a city in Venezuela’s southeastern state of Bolivar, overturned a bus and looted various markets, in a mass reaction to rising prices. One man was killed in the ensuing unrest and dozens injured.

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Venezuela Ordered to Pay $46 Million in Compensation for Tidewater Nationalization

The International Center for Settlement of Investment Disputes (ICSID) in Washington (courtesy)

Venezuela's request to review a $46 million compensation claim filed by the oil service firm Tidewater has been rejected by the World Bank's International Center for Settlement of Investment Disputes (ICSID) on Wednesday. 

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Venezuela Pledges 1.4 Million Ounces Gold as Collateral in CitiBank Deal

Under the CitiBank deal, Venezuela will receive $1 billion in cash for gold that is worth nearly $1.7billion by today’s prices

Venezuela has pledged 1.4 million ounces of gold in exchange for a $1 billion loan from CitiBank, according to sources.

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