Venezuelan president Nicolas Maduro shared “good news” from Chinese capital Beijing yesterday, after meeting with Chinese leaders and business owners to forge further pacts meant to mutually benefit both countries’ economies.
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.”
By SIR RONALD SANDERS- Jamaica Observer, Dec 2nd 2014
Guyanese- Antiguan scholar Sir Ronald Sanders examines the vulnerabilities of Venezuela-backed alliance Petrocaribe in the face of last week’s OPEC summit and a perceived oil glut on the horizon. Petrocaribe has provided singular economic support for over a dozen Caribbean nation’s economies, including hundreds of millions of dollars in developmental funds.
As was expected beforehand, the Organisation of Petroleum Exporting Countries (OPEC) decided not to cut production to increase oil prices at the Vienna summit yesterday. Saudi Arabia and other Gulf states indicated their willingness to endure low prices in order to maintain market share.
In a television address yesterday evening, Venezuelan president Nicolas Maduro indicated that a $4 billion loan from China would be added to the country’s international reserves. Meanwhile, as oil prices to continue to slide and with eight days to go to the next OPEC meeting, Venezuela has signed a major deal with the largest exporting non-OPEC member, Russia.
By Edgardo Landar - International Viewpoint, Oct 27th 2014
Venezuelan author Edgardo Landar reviews recent and long term developments in the country’s politics and economy, and argues that the Bolivarian project must move beyond the “petro-state” in order to make further progress toward its transformative goals.
In an interview published Sunday, Venezuelan Finance Minister Rodolfo Marco said will South American country will not sell Citgo Petroleum Corporation to the United States. Citgo is the U.S. subsidiary of the Venezuelan state owned oil company, Petroleos de Venezuela, S.A. (PDVSA).
Venezuelan foreign minister Rafael Ramirez alerted press Friday that his cabinet has “received instructions from the president to request an extraordinary OPEC meeting.” Ramirez was the head of state-owned petroleum corporation PDVSA until a September cabinet shakeup.