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Business Venezuela

  • Venezuela's President Nicolas Maduro talks to the media during a news conference at Miraflores Palace in Caracas, Venezuela October 17, 2017.

    Venezuela — with double-digit inflation, civil strife and signs of economic collapse — has seen the future, and it's in cryptocurrency.

  • HOUSTON/ CARACAS, Jan 18- Venezuela's crude oil production fell nearly 13 percent last year, according to figures released by OPEC on Thursday, hitting a 28- year annual low that points to a deepening economic crisis and increased chances of a debt default. But unlike voluntary cuts by Saudi Arabia, Russia and others intended to stoke higher crude prices by...

  • HOUSTON/ CARACAS, Jan 18- Venezuela's crude oil production fell nearly 13 percent last year, according to figures released by OPEC on Thursday, hitting a 28- year annual low that points to a deepening economic crisis and increased chances of a debt default. But unlike voluntary cuts by Saudi Arabia, Russia and others intended to stoke higher crude prices by...

  • CARACAS/ SAN CRISTOBAL, Venezuela, Jan 17- A wave of looting by hungry mobs across Venezuela has left streets of shuttered shops in provincial towns and pushed some store owners to arm themselves with guns and machetes, stirring fear that the turmoil could spread to the capital Caracas. The unrest was sparked by shortages of pork for traditional holiday meals,...

  • CARACAS, Jan 11- In a modest apartment near a Caracas slum, nutrition professor Nancy Silva and four aids spread rich, dark Venezuelan cocoa on a stone counter to make chocolate bars to be sold in local shops that cater to the crisis-hit country's dwindling elite. Like some 20 recently launched Venezuelan businesses, Silva uses the country's aromatic cocoa to...

  • CARACAS, Jan 11- In a modest apartment near a Caracas slum, nutrition professor Nancy Silva and four aids spread rich, dark Venezuelan cocoa on a stone counter to make chocolate bars to be sold in local shops that cater to the crisis-hit country's dwindling elite. Like some 20 recently launched Venezuelan businesses, Silva uses the country's aromatic cocoa to...

  • CARACAS, Jan 11- In a modest apartment near a Caracas slum, nutrition professor Nancy Silva and four aids spread rich, dark Venezuelan cocoa on a stone counter to make chocolate bars to be sold in local shops that cater to the crisis-hit country's dwindling elite. Like some 20 recently launched Venezuelan businesses, Silva uses the country's aromatic cocoa to...

  • ALGIERS, Jan 10- Algeria sent 2.1 million barrels of crude oil to Cuba last year and will ship the same amount in 2018, an official at state energy firm Sonatrach said on Wednesday, helping Cuba to offset lower supplies from the island's closest ally, Venezuela. Cuba and Algeria have maintained a close relationship in recent years. But Cuba has relied almost...

  • CARACAS, Venezuela— Venezuela has extended its ban on air and maritime ties with three nearby Dutch Caribbean islands, blaming out of control smuggling, officials said Tuesday. Venezuela is pressing for high-level talks with leaders of Aruba, Curacao and Bonaire before trading can resume, officials said of the move, which drew criticism from Venezuela's...

  • Oil workers weld a new pipeline at PDVSA's Jose Antonio Anzoategui industrial complex in the state of Anzoategui, Venezuela.

    Venezuela is set to launch its own oil-backed cryptocurrency but blockchain experts are skeptical it will work.

  • Venezuela's President Nicolas Maduro talks to the media during a news conference at Miraflores Palace in Caracas, Venezuela October 17, 2017.

    CNBC's Michelle Caruso-Cabrera reports Venezuela's Nicolas Maduro ordered the creation of 100 million units of a new cryptocurrency called the "petro" which will be backed by the country's oil.

  • Europe could weather increased geopolitical risk in 2018

    Beat Wittmann of Porta Advisors says Europe is a good safe-haven investment destination if geopolitical risks rise in 2018.

  • A worker on a an oil drill near New Town, North Dakota.

    Geopolitical risks from the Middle East to Venezuela could sustain the oil price rally.

  • Venezuela's President Nicolas Maduro (C) gestures as he speaks during a rally supporting him and opposing U.S. President Donald Trump, in Caracas, on August 14, 2017.

    Venezuela's cryptocurrency will launch within days and be backed by 5.3 billion barrels of oil worth $267 billion, in a bid to offset financial crisis.

  • RBC:  Geopolitics could play a big factor in oil's direction in 2018

    Helima Croft of RBC Capital Markets says geopolitics must be watched as closely as supply issues for the oil market in Q1.

  • CARACAS/ CIUDAD GUAYANA, Venezuela, Dec 26- There was no way Jose Ramon Garcia, a food transporter in Venezuela, could afford new tires for his van at $350 each. "Repairs cost an arm and a leg in Venezuela," said the now-unemployed 42- year-old Garcia, who has a wife and two children to support in the southern city of Guayana. A black market in hard currency has spread in...

  • Oil workers conduct a drill in a petroleum well in Lagunillas at the east coast of Lake Maracaibo near Maracaibo City in Venezuela.

    Crystallex International is looking to seize control of U.S. refiner Citgo Petroleum, which is owned by Venezuelan state oil company PDVSA.

  • Yet Russia's ties with the West, strained since the 2014 Ukraine crisis, are at their lowest point for years; the United States is mulling extending sanctions to cover Russian sovereign debt. MEXICO- Chances are rising that Mexico's July elections will bring to power left-winger Andres Manuel Lopez Obrador, who is leading opinion polls. Mexico sends 80 percent...

  • Yet Russia's ties with the West, strained since the 2014 Ukraine crisis, are at their lowest point for years; the United States is mulling extending sanctions to cover Russian sovereign debt. MEXICO- Chances are rising that Mexico's July elections will bring to power left-winger Andres Manuel Lopez Obrador, who is leading opinion polls. Mexico sends 80 percent...

  • CARACAS/ HOUSTON, Dec 20- Venezuela's PDVSA and international trading company Trafigura are in discussions to swap over 10 percent of the South American country's crude output for imported fuels for domestic use, according to draft documents viewed by Reuters on Wednesday. Venezuela's sharp crude output decline and the poor state of its refineries have...