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Oil and Gas

Raising the Price of Gasoline: An Inflationary Measure for No One’s Benefit

It is estimated that 100,000 barrels of oil and gasoline are smuggled out of Venezuela daily (Credit teleSur)

Deivi Peña argues that increasing the price of gasoline will give the Venezuelan oligarchy an excuse to intenify the economic war by setting off a further spiral of inflation that will harm working class people. 

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Venezuelan President Congratulates Syriza on Election Victory

Photo President Nicolas Maduro arrived at the oil producing country on Sunday (PHOTO: Hoy Venezuela)

Venezuelan President, Nicolas Maduro, has described the triumph of the leftwing coalition, Syriza, in the presidential elections in Greece as a "new wave of hope for Europe" after the party was elected with 36.3% of the vote on Sunday night.

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Maduro Entertains Raising Gas Prices But Rejects Devaluation of Venezuela´s Currency

President Nicolas Maduro addressing to the Venezuelan legislature, he announced slight changes to monetary policies and the need

On Thursday, Venezuelan President Nicolas Maduro made a much-anticipated address to the Venezuelan legislature in which he announced slight changes to monetary policies and the need to raise the extremely low cost of gasoline in the country.  He also announced a 15% increase in the minimum wage and increased investment in education and housing.

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Venezuela’s Maduro Secures Support from Iran & Qatar in the Face of Oil Glut

Venezuelan president Nicolas Maduro (right) and Iranian president Hassan Rouhani met in Tehran on Saturday. (TeleSUR)

While visiting with Iranian president Hassan Rouhani in Tehran, Venezuelan president Nicolas Maduro said Saturday that plummeting oil prices are the product of a “geopolitical war.”

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Maduro Signs Major Deals in China as Venezuela Strives to Meet Heightened Consumer Demands

Nicolas Maduro and Xi Jinping in Beijing on Monday. (AVN)

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.

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Venezuela’s Maduro Cuts Spending in Face of Oil Glut, Starting with his Own Salary

President Maduro meets with Uruguayan leader Pepe Mujica in Caracas, on December 3rd. (AFP)

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.”

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Venezuela in Financial Difficulty; will PetroCaribe Survive?

Graphic art depicting the sunrise over the Caribbean, with the Bolivarian Alliance for the Peoples of Our America (ALBA) as the

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.

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OPEC Rejects Production Cut, Venezuela Looks to Budget

Rafael Ramirez in Vienna (VTV screenshot)

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.

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OPEC Unlikely to Cut Oil Production, Venezuela’s PDVSA Predicts “Difficult Times Ahead”

The price of Venezuelan heavy crude dove from $99 per barrel in June to about $69 last week. (AVN)

According to Venezuelan foreign minister Rafael Ramirez, negotiations with Mexico, Russia and Saudi Arabia have failed to reach a joint pledge for OPEC nations to cut oil production.

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Venezuela Puts $4 Billion China Loan in Foreign Reserves, Signs Major Oil Deal with Russia

Russian president Vladimir Putin (center) watches as Venezuelan Foreign Minister Rafael Ramirez (left) greets Rosneft president

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.

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