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This was the first rise in petrol prices in 20 years and he also set in place a sharp devaluation of the currency which he said aimed to shore up the country's failing economy, hard hit by falling oil prices which make up 95% of foreign income. Prices at the pump in Venezuela jumped as much as 6,086% for 95 octane gasoline, from 0.097 bolivars ...
The recovery of oil prices in the early 2000s gave Venezuela oil funds not seen since the 1980s. [2] A destabilized economy led to a crisis in Bolivarian Venezuela, resulting in hyperinflation, an economic depression, shortages of basic goods and drastic increases in poverty, disease, child mortality, malnutrition, and crime. [3] [4]
With the 2007 rise in oil prices and rising government expenditures, Venezuela's economy grew by 9% in 2007. Oil prices fell starting in July 2008, resulting in a major loss of income. Hit by a global recession, the economy contracted by 2% in the second quarter of 2009, [ 192 ] contracting a further 4.5% in the third quarter of 2009.
Petróleos de Venezuela, S.A. (acronym PDVSA, Spanish pronunciation: [peðeˈβesa]) (English: Petroleum of Venezuela) is the Venezuelan state-owned oil and natural gas company. It has activities in exploration, production, refining and exporting oil as well as exploration and production of natural gas.
Venezuela's annual inflation rate settled at 189.8% last year, according to data from the central bank released on Friday, marking a slight easing of the still sky-high rate of rising consumer ...
Oil traders, Houston, 2009 Nominal price of oil from 1861 to 2020 from Our World in Data. The price of oil, or the oil price, generally refers to the spot price of a barrel (159 litres) of benchmark crude oil—a reference price for buyers and sellers of crude oil such as West Texas Intermediate (WTI), Brent Crude, Dubai Crude, OPEC Reference Basket, Tapis crude, Bonny Light, Urals oil ...
The government of Venezuela treats PDVSA as a cash-cow, [106] and the company only hires political supporters of the president. [107] The GDP of Venezuela was approximately the same in 2012 as it was in the 1970s. [12] For the year 2009, the Venezuelan economy shrank by an average of 2.9% due to the global recession. [108]
In 2010 Venezuela reportedly produced 3.1 million barrels of oil daily and exporting 2.4 million of those barrels per day. Such oils exports brought in $61 billion for Venezuela. [8] However, Venezuela only owned about $10.5 billion in foreign reserves, meaning that its debt remained at $7.2 billion when 2015 rang out. [9]