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In the rest of Venezuela, an electric rationing system was implemented by zones. Before Holy Week in 2010, the power supply was cut by about 3 hours at a frequency of 3 or 4 days. On average, outside of Caracas, Venezuela experienced an interruption in electrical service of between 9 and 12 hours a week. [42]
In 2018, Venezuela's debt grew to US$156 billion [310] and as of March 2019, its reserves had dropped to US$8 billion. [311] With the exception of PDVSA's 2020 bonds, [312] as of January 2019, all of Venezuela's bonds are in default, [313] and Venezuela's government and state-owned companies owe nearly US$8 billion in unpaid interest and ...
This article needs to be updated. Please help update this article to reflect recent events or newly available information. (April 2023) Economy of Venezuela Plaza Venezuela in Caracas Currency Bolívar Digital (VES) Fiscal year Calendar year Trade organizations WTO, OPEC, Unasur, ALBA Statistics Population 28,301,696 (2022) GDP $102.328 billion (nominal, 2024 est.) $224.526 billion (PPP, 2024 ...
The International Energy Agency shows how Venezuela's oil production has fallen in the last years, producing only 2,300,000 barrels (370,000 m 3) daily, down from 3.5 million in 1998. However, the oil incomes will double its value in local currency with the recent currency devaluation. [152] Venezuela has large energy subsidies.
Hugo Chevez died from cancer last night after 14 years as President of Venezuela. In the short term, Chavez's death means little for the oil markets, which shrugged off the news. The question now ...
Preliminary data compiled by Venezuela's central bank shows the economy shrank by 16.6 percent in 2017 compared with the year before, two sources familiar with the matter said on Thursday, the ...
A private equity group expects a contrarian bet it made this year on Venezuela's oil and gas sector to pay off soon, with the socialist government making reforms to attract capital to the OPEC ...
A light map of Venezuela on the night of 7 March 2019 and the night of 8 March 2019. [a]Nationwide recurring electrical blackouts in Venezuela began in March 2019. Experts and state-run Corpoelec (Corporación Eléctrica Nacional) sources attribute the electricity shortages to lack of maintenance and to a lack of technical expertise in the country resulting from a brain drain.