CARACAS: Prices will be lower for longer amid high OPEC output led by Saudi Arabia and Iraq, and the gradual return of Iranian supply next year, Michael Wittner, the New York-based head of oil market research at Societe Generale, said in a report.
But Maduro has said that Colombians, more than five million of whom live in Venezuela, are smuggling those heavily subsidized goods over the border.
According to Kremlin aide Yuri Ushakov, Russian president Vladimir Putin will be meeting up with Maduro in Beijing to discuss “possible mutual steps” to stem sliding oil prices. Brent crude, the worldwide benchmark, was buying and selling at $49.06 a barrel Wednesday morning, when the US benchmark was buying and selling at $44.68 a barrel. A loan tied to oil-field investments will not necessarily help Venezuelan government coffers, since the state needs short-term cash to pay for salaries, social security, and imports, rather than long-run investments in upgraded oil rigs.
The Asian nation has loaned Venezuela US$46 billion over the last eight years, with US$24 billion already paid back.
But Venezuelan President Nicolas Maduro traveled to China this week with hat in hand, looking for more assistance.
China is glad to see the China-Venezuela comprehensive strategic partnership develop smoothly, Xi said, adding that he is ready to foster friendship and cooperation jointly with Maduro to benefit both peoples. Glut or not, oil is still Venezuela’s biggest commodity, and it will be essential in repairing the country’s economy.
Another condition is that Venezuela allows 15 truckloads of deported Colombians’ belongings to leave Venezuela.
He is visiting China to participate in events marking 70 years since the end of World War Two in Asia, culminating in a military parade in Beijing on Thursday.
Venezuela is thought to have the world’s largest reserves of oil, making up 96 percent of its export revenue.
Vietnam bumps Thailand down to third place in survey of interest among Japanese businesses
HANOI: Interest in Vietnam among Japanese companies continues to grow, boosting the Southeast Asian country to the second spot, right...
