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  • Venezuelan consumers get creative amid shortages Thursday, 20 Nov 2014 | 12:05 AM ET

    CARACAS, Venezuela— Cloth diapers, baking soda to make deodorant and vinegar to mop the floor. That's not the shopping list of an eco-friendly hipster, it's how an increasing number of resourceful Venezuelans are making do in a time of severe shortages. Lilian Ribas, who makes a living selling loudly colored tank-tops and hot pants, burns a coil of chrysanthemum...

  • Venezuela's Maduro says oil price meeting planned Monday, 17 Nov 2014 | 9:25 PM ET

    CARACAS, Venezuela— Venezuela President Nicolas Maduro says a special meeting of oil-producing countries is being planned to discuss falling global oil prices. Maduro said Monday in a televised address that a meeting of OPEC and non- OPEC nations is in the works, without providing more details. Venezuela's president said that Foreign Minister Rafael Ramirez...

  • In socialist Venezuela, Barbie for the masses Tuesday, 11 Nov 2014 | 11:17 AM ET

    Soon, she and her coworkers were letting customers grab the dolls straight out of the Mattel- stamped cardboard cartons. Within minutes, the entire stock was gone, selling at a price of 250 bolivars— $2.50 at the widely used black market conversion rate. Maduro's mentor, the late President Hugo Chavez, once denounced "the stupidity of Barbie" and called for Venezuela...

  • *State-run oil company is seeking 8 cargoes of gasoline, ULSD. PARAGUANA, Venezuela/ HOUSTON, Nov 10- Venezuela is rushing to import up to 2.4 million barrels of diesel and gasoline after power outages hit its main refining complex, an unusual buying spree that has boosted U.S. and European fuel prices and threatens to worsen the OPEC member's financial woes.

  • What countries lose when oil prices drop Tuesday, 4 Nov 2014 | 3:13 PM ET
    Oil workers conduct a drill in a petroleum well in Lagunillas at the east coast of Lake Maracaibo near Maracaibo City in Venezuela.

    Countries around the world that rely on oil revenues are bracing for an imminent economic and budget hit.

  • In a series of private meetings from Madrid to Cancun, ministers from Saudi Arabia, Venezuela and Mexico set aside months of acrimony to hammer out production cuts. If anything, Naimi may simply seek to explain Saudi Arabia's latest stance on the market, a tough message about how all big producers must be prepared to endure a period of lower prices in order to slow...

  • SEOUL, Nov 4- U.S. crude prices extended losses to around $78.30 a barrel on Tuesday in early Asian trades after Saudi Arabia's price cuts for U.S. customers and strong U.S. dollars triggered its lowest since mid-2012 on the previous session. On Monday it settled down $1.76 at $78.78 after hitting a low of $78.14 per barrel, its lowest since June 2012.

  • *Saudi Arabia raises prices to Asia, Europe; cuts prices to U.S. Nov 3- Oil tumbled by as much as $2 a barrel in the final minutes of regular trade on Monday, hitting new lows in New York as Saudi Arabia deepened price cuts for U.S. customers even though it hiked prices for the rest of the world. A rising dollar and concerns about Chinese economic growth set a bearish tone...

  • *China data shows orders, factory output fall. *Reuters OPEC survey shows slightly lower OPEC output. U.S. crude for December delivery dropped to a session low of $79.65 per barrel before paring losses to last trade down 40 cents on the day at $80.14 at 1614 GMT.

  • HOUSTON, Oct 27- Venezuela's surprise move to scrap the sale of its U.S. refining unit Citgo was prompted when bids came in well below its $10 billion asking price, and sovereign and corporate bondholders criticized selling a reliable source of cash during a liquidity crunch, a source familiar with the situation said on Monday. State oil company PDVSA had hired...

  • BUSINESS-NEWS-SCHEDULE AT 1330 GMT /9.30 AM ET Monday, 27 Oct 2014 | 10:08 AM ET

    MILAN- Italy's Monte dei Paschi di Siena is likely to try to plug a capital shortfall uncovered by Europe- wide stress tests through asset sales and possibly another cash call, but longer term a takeover could be inevitable. LONDON- Europe's banking healthcheck showed countries and lenders are implementing global capital rules at vastly different speeds, and...

  • NEW YORK, Oct 15- The cost for insuring Venezuelan sovereign debt against default or restructuring surged on Wednesday as global oil prices swooned to a 27- month low before rebounding, illustrating rising investor concerns over the OPEC member nation's ability to service its debt. In addition they would have to pay $500,000 annually, for the duration of the...

  • "The current market situation doesn't suit anyone, neither consumers nor producers," Eulogio Del Pino told an oil conference on Venezuela's Margarita Island. Venezuela is calling for an emergency meeting of the Organization of the Petroleum Exporting Countries- prior to its next scheduled Nov. 27 gathering- to halt the slide in oil prices to their lowest level...

  • CARACAS, Oct 15- After three weeks trapped inside their home, Natalie Pereira and her family made a final decision: they must leave Venezuela. Pereira, a 33- year-old dentist now living in Texas, is not alone in making that decision. Having largely but unsuccessfully voted against socialist leader Hugo Chavez during his 14- year presidency, they hoped for a change...

  • Venezuela's staggering inflation rate     Monday, 13 Oct 2014 | 1:15 PM ET

    CNBC's Michelle Caruso-Cabrera breaks down Venezuela's massive inflation problem. Caruso-Cabrera says the country has become a hedge fund play after offering 15 percent on its money.

  • Saudis tell oil market: Get used to lower prices Monday, 13 Oct 2014 | 10:49 AM ET

    Saudi Arabia is telling oil market participants that it's fine with lower oil prices for an extended period.

  • CARACAS, Oct 9- Venezuela said on Thursday compensation ordered by a World Bank arbitration tribunal in the Exxon Mobil Corp case was within a "reasonable range" once a previous award is deducted from the roughly $1.6 billion new determination.

  • *Venezuela may seek to annul World Bank tribunal's award. CARACAS, Oct 9- A World Bank arbitration tribunal on Thursday ordered Venezuela to pay Exxon Mobil Corp around $1.6 billion to compensate for the 2007 nationalization of its oil projects in the country. "The Tribunal has found that the expropriation was conducted in accordance with due process, that it was...

  • CARACAS, Oct 8- Tech-savvy Venezuelans looking to bypass dysfunctional economic controls are turning to the bitcoin virtual currency to obtain dollars, make Internet purchases-- and launch a little subversion. Two New York- based Venezuelan brothers hope this week to start trading on the first bitcoin exchange in the socialist-run country, which already has...

  • They say a long-anticipated fundamental shift in the market may now be under way, ending a four-year stretch when $100- plus prices were the norm, and opening a new era in which OPEC restraint once again becomes paramount. Even output in trouble spots like Libya and Iraq is rising after years of insurrection-led losses. Some analysts say it is too early to tell if...