Venezuela will announce a change of policy soon on gasoline, the finance minister said in an interview broadcast on Friday, signaling the OPEC nation is moving ahead with along-awaited hike in the world's cheapest fuel.
Tags: Nicolas Maduro
Ex-Citgo Executives Imprisoned in Venezuela File $400 Million Lawsuit vs. Oil Firm
Alirio and Jose Luis Zambrano, two of the six Citgo executives who were trapped and imprisoned in Venezuela, have accused their former company of abandoning them in a lawsuit filed in Houston.
Rosneft to invest $500 million to increase stake in Venezuelan state-owned company
Russia's leading oil producer, Rosneft has proposed investing another $500 million in Venezuela's state-owned Petroleos de Venezuela SA, to increase their stake from the original 16.7%. The proposition has come at a time when the country has declared an economic emergency after oil prices dropped to an alarming $24 a barrel.
Venezuela's currency against US dollar tumbles 737%
The value of Venezuela's currency, the Bolivar, has nose-dived too fast and has now reached a point where it's worth less than a penny on the US dollar.
Venezuela puts debt service before food imports as cash dries up: sources
Venezuela's government has told the country's food industry that it is limiting dollar disbursements for food imports so that it can pay down foreign debt amid low oil prices, according to two sources with direct knowledge of the situation.
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At least 40 major U.S. companies have substantial exposure to Venezuela’s deepening economic crisis, and could collectively be forced to take billions of dollars of write downs, a Reuters analysis shows.
Venezuela's deepening economic troubles, and in particular the weakness of the bolivar and restrictive currency controls, have hurt U.S. corporate profits for the fourth quarter of 2014 and are set to inflict further pain this year.
Iran sees no sign of a shift within OPEC toward action to support oil prices, its oil minister said, adding its oil industry could ride out a further price slump to $25 a barrel.
A diplomatic push by Venezuela and Iran for an OPEC oil output cut has failed to soften the refusal of the group's Gulf members to do so for now, delegates said on Monday.
Chinese President Xi Jinping pledged on Thursday $250 billion in investment in Latin America over the next 10 years as part of a drive to boost resource-hungry China's influence in a region long dominated by the United States.
Venezuelan President Nicolas Maduro said on Sunday he will visit China and several unspecified OPEC countries during a week-long tour meant to improve the South American nation's finances, which have been weakened by tumbling crude prices.
President Nicolas Maduro vowed on Tuesday to reform Venezuela's Byzantine currency controls in early 2015 as part of a six-month plan to shake Venezuela out of recession, but foes accused him of incompetence and inaction.
An ice-cream store listed in the Guinness World Records book for its 863 different flavours has become the latest victim of Venezuela's economic crisis.
Venezuelan President Nicolas Maduro announced on Monday a 15 percent increase in the minimum wage starting in December to protect workers from inflation of more than 60 percent.
