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Venezuela

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  • US works to ease Caribbean dependence on Venezuelan oil Saturday, 24 Jan 2015 | 1:26 PM ET

    MIAMI— A decade-long addiction to oil subsidized by Venezuela may be coming to an end for several Caribbean nations, with a nudge from the United States. Fears that falling oil prices could knock the wheels off the already wobbly economy of oil-dependent Venezuela have sparked apparent interest in alternatives to Petrocaribe, a trade program created by the...

  • In a likely sign of things to come from a number of companies this results reporting season, Ford Motor Co on Friday said it was taking a pre-tax charge of $800 million for its Venezuela business. Ford also said that it was unable to maintain normal production in Venezuela with the availability of vehicle parts constrained. Kimberly-Clark blamed increased...

  • SAN CRISTOBAL/ CARACAS, Jan 23- Robbers and looters are targeting trucks carrying food across Venezuela in another sign of worsening shortages that have turned basics like flour and chicken into coveted booty. Crime has long plagued shops and roads in Venezuela, which has one of the world's highest murder rates. Armed National Guard troops have been deployed to...

  • The socialist-run OPEC member's economy shrank 2.8 percent in 2014 while inflation topped 64 percent, the socialist leader announced in a speech to parliament, in what is almost certainly the worst performance in Latin America. With oil prices down by more than half since mid-2014, Venezuela's economic mess has hit Maduro's popularity hard and threatened...

  • The Brookings Institution and JPMorgan Chase ranked 300 major cities worldwide for economic performance last year.

  • CARACAS, Venezuela— Venezuela's embattled president pledged Wednesday night to strengthen safety net programs and he rejected devaluing the currency during a long-delayed speech addressing the socialist country's deteriorating economy. President Nicolas Maduro had promised several times in the past month to make announcements regarding the South...

  • With oil prices down by more than half since mid-2014, Venezuela's economic mess has hit Maduro's popularity hard and threatened the future of the ruling "Chavismo" movement named for his charismatic predecessor Hugo Chavez. The 52- year-old Maduro blamed political foes for Venezuela's dismal economic data, but he also announced the most concrete changes in...

  • CARACAS, Jan 21- OPEC member Venezuela's recession-hit economy shrunk 2.8 percent in 2014 while inflation topped 64 percent, President Nicolas Maduro said on Wednesday, in almost certainly the worst performance in Latin America. In his annual address to parliament, the 52- year-old successor to Hugo Chavez blamed political foes and an "economic war" for...

  • CARACAS, Venezuela— President Nicolas Maduro announced a boost in wages Wednesday night and dismissed talk of currency devaluation as he tries to pull oil-dependent Venezuela out of a recession and quell mounting frustration with his socialist policies. In a much-anticipated annual address to the legislature, Maduro avoided the dramatic reengineering...

  • CARACAS, Jan 21- There's a booming new profession in Venezuela: standing in line. As Venezuela's ailing economy spawns unprecedented shortages of basic goods, panic-buying and a rush to snap up subsidized food, demand is high and the pay is reasonable. Unemployed until he tried his new career late last year, Luis earns about 600 bolivars, a whopping $95 at...

  • Venezuela says oil exports fell in 2014 to 2.33 mln Tuesday, 20 Jan 2015 | 6:17 PM ET

    CARACAS, Jan 20- Venezuela's oil exports fell to 2.33 million barrels-per-day in 2014, from 2.43 million the previous year, Oil Minister Asdrubal Chavez said on Tuesday. OPEC member Venezuela, which is reeling from the plunge in global crude prices since mid-2014, is counting on joint ventures in the heavy-crude Orinoco region to boost output in future years.

  • CARACAS, Venezuela— When Venezuelan President Nicolas Maduro returns from an urgent fundraising trip that has taken him to seven nations, he'll find his oil-dependent economy teetering on the edge and desperate countrymen searching empty store shelves for basic goods. But never before have we had an economic, political and social crisis at the same time, "said...

  • Moody's cuts Venezuela's rating, citing oil prices Tuesday, 13 Jan 2015 | 8:34 AM ET
    People line up to pay inside a Makro supermarket in Caracas, January 9, 2015.

    Moody's on Tuesday downgraded its debt rating for Venezuela, citing an increased likelihood of a default due to lower oil prices.

  • When—and where—oil is too cheap to be profitable Monday, 12 Jan 2015 | 11:43 AM ET

    Lower prices could make oil unprofitable to pull out of the ground. But we're not there yet, according to energy consultant Wood Mackenzie.

  • *Venezuelan president visits Saudi Arabia, Qatar. DUBAI/ DOHA, Jan 12- 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. Venezuelan President Nicolas Maduro on Sunday met Saudi Arabia's Crown Prince Salman in Riyadh before heading to Qatar and...

  • *Venezuelan president visits Saudi Arabia, Qatar. *Iran backs coordinated front with Venezuela on oil price. DUBAI/ DOHA, Jan 12- 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.

  • RIYADH, Jan 11- Venezuelan President Nicolas Maduro met Saudi Arabia's Crown Prince Salman in Riyadh on Sunday as part of a diplomatic tour of OPEC members to discuss falling oil prices, which have hit its economy hard. Despite growing concern from Venezuela and other OPEC members such as Iran, OPEC delegates have said as recently as last week that the group's...

  • Iran vows to help Venezuela to stem oil price fall Saturday, 10 Jan 2015 | 1:09 PM ET

    President Nicholas Maduro is on a tour of fellow OPEC countries to lobby for higher oil prices, which hit new lows last week below $50 per barrel, nearly half of what they were back in June 2014. The plunge in crude prices has pummelled the public finances of Iran and Venezuela, whose economies rely heavily on oil exports. Earlier on Saturday, Iranian President...

  • CARACAS, Jan 7- President Nicolas Maduro said on Wednesday he had secured a total of more than $20 billion in investment from major creditor China for economic, social, and oil-related projects. It was unclear if part of the announced investments include new loans for the cash-strapped OPEC member, or if the investments were part of an existing oil-for-loans...

  • How to stem oil free fall  Wednesday, 7 Jan 2015 | 4:00 AM ET

    In order to stem the free fall in oil prices, one of three key things must be done, says Sabine Schels, a commodity strategist at BofA Merrill Lynch Global Research.