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VENEZUELA’S MADURO SAYS OIL PRICE MEETING PLANNED

Published by Gbaf News

Posted on November 18, 2014

1 min read
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Wealth Management

Maduro Announces Oil Price Discussions

CARACAS, Venezuela (AP) — 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.

Diplomatic Efforts With OPEC and Russia

Venezuela’s president said that Foreign Minister Rafael Ramirez is on a tour of OPEC countries and Russia to define a strategy to stem a steep drop in prices.

“I am confident that we are going to help oil prices recover,” he said. He added that “the price of our oil has fallen 35 percent” in recent months.

Impact of Oil Prices on Venezuela

Venezuela relies on oil for almost 96 percent of its export earnings and falling prices area complicating its already precarious economic situation.

Key Takeaways

  • Venezuelan President Nicolas Maduro announced plans for a special meeting of OPEC and non‑OPEC oil producers to address falling global oil prices.
  • Foreign Minister Rafael Ramírez is on a tour of OPEC countries and Russia to coordinate a strategy.
  • Maduro stated Venezuelan oil prices have dropped approximately 35%, undermining export revenues.
  • Venezuela relies on oil for nearly 96% of its export earnings, so the price decline further strains its fragile economy.

References

Frequently Asked Questions

Why is Venezuela calling for a special oil producers meeting?
To coordinate among OPEC and non‑OPEC nations a strategy to stem a steep drop in global oil prices.
Who is leading Venezuela’s diplomatic outreach for this initiative?
Foreign Minister Rafael Ramírez, currently touring OPEC countries and Russia, is tasked with defining a recovery strategy.
How much have Venezuelan oil prices fallen?
Maduro stated that the price of Venezuelan oil has fallen by approximately 35% in recent months.
Why is this decline particularly critical for Venezuela?
Because oil accounts for nearly 96% of Venezuela’s export earnings, a sharp price drop severely impacts its economy.

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