Page 2 - Venezuela Economy

US eases oil, gas, sanctions on Venezuela after electoral roadmap signed

In response to Venezuela's government and a faction of its opposition formally agreeing to work together to reach a series of basic conditions for the next presidential election, the US agreed Wednesday to temporarily suspend some sanctions on the country's oil, gas and gold sectors. Tuesday's agreement between President Nicols Maduro's administration and the Unitary Platform came just days before the opposition holds a primary to pick its candidate for the 2024 presidential election. The US Treasury issued a six-month general license that would temporarily authorise transactions involving Venezuela's oil and gas sector, another that authorizes dealings with Minerven the state-owned gold mining company and it removed the secondary trading ban on certain Venezuelan sovereign bonds. The ban on trading in the primary Venezuelan bond market remains in place, Treasury says. Brian E. Nelson, Treasury's under secretary for terrorism and financial intelligence, said the US welcomes the .

Brazil's Lula welcomes back Venezuelan Prez for first time after ban

Brazilian President Luiz Inacio Lula da Silva welcomed back his Venezuelan counterpart Nicolas Maduro

Russia minister visits Venezuela, reviews ties, offers full support

Russia and Venezuela reviewed some of their hundreds of bilateral agreements covering the financial, energy, agricultural and several other sectors during discussions between their top diplomats and other high-level officials Tuesday in the South American country. Russian Foreign Minister Sergei Lavrov and his Venezuelan counterpart Yvn Gil held a joint press conference in Caracas hours after the former arrived to the allied country in the second stop of a tour of four Latin American nations. Both men vowed continued support for each other's country and condemned the economic sanctions that the United States government has imposed on them. We fully support the position of our Venezuelan friends, Lavrov said. It is their country ... and we are going to support it in any way so that the Venezuelan economy becomes an independent economy from the pressures of the United States and other western actors. Lavrov's remarks were translated from Russian to Spanish by a government-provided ...

Inflation-stricken Venezuela rolls out new, larger-denomination banknotes

Venezuela this week is rolling out larger-denomination banknotes as hyperinflation batters the crisis-stricken South American country's bolivar currency

Venezuela rations diesel supply to truckers as fuel shortages worsen

Venezuelan state oil company Petroleos de Venezuela has begun rationing diesel to truckers, sources said, as low domestic refining output and scarce imports amid US sanctions squeeze fuel supplies

Three years after $1-billion Venezuela deal, US oil firm shuts doors

Horizontal never completed the wells, its financial backer took a provision for losses on the loan, and Venezuela's production continued to fall

A cigarette or a candy bar, that's all you need to buy fuel in Venezuela

Bartering at the pump has taken off as hyperinflation makes Venezuela's paper currency, the bolivar, hard to find and renders some denominations all but worthless, so that nobody will accept them

Fuel shortage the new normal in Venezuela as it suffers 5th yr of recession

Venezuela produced more than 2 million barrels per day (bpd) of crude last year but by September output had fallen to just 1.4 million bpd