Falling oil prices perturb Venezuela
West Texas Intermediate, the reference barrel for Venezuelan oil, was trading just below US$80/b in late June. Venezuela’s oil minister, Rafael Ramírez, wants the Organization of Oil Exporting Countries (OPEC) to set an oil price band of US$80 to US$120 a barrel to stem crude’s recent tumble, reviving a policy scrapped seven years ago.
At a recent academic conference Professor Douglas Ungredda of the Central University of Venezuela raised the spectre of a sovereign debt crisis in Venezuela, reported the opposition daily El Universal on 28 June. “The government bet all its cards on a rising cycle of oil prices that it thought would never end”, noted Ungredda.
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