IMF predicts further contraction in an already struggling economy as crude prices fail to rise fast enoughFor Venezuela,the rise in the price of oil to a 2016 high is much too dinky and way too late. Every commodity-producing country has been vulnerable to the dramatic slump in the cost of crude, but Venezuela more than most.
Energy accounts for nearly all of Venezuela’s exports and so the drop in the oil price from $115 a barrel in the summer of 2014 to its current level of just over $45 a barrel has been a body blow to the government in Caracas.
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Source: theguardian.com