Page 2 - Venezuela Economy

Maduro seeks Venezuela military's support ahead of consequential vote

At a crossroads not far from a gas station overgrown with weeds, young men and women in faded green fatigues stop vehicles returning from a rally for opponents of Venezuelan President Nicolas Maduro, ask passengers for their identifications, and inspect their cars, trucks and motorcycles. Such checkpoints have proliferated across the country's vast tropical plains, forested highlands and beach fronts in the run-up to Sunday's presidential election, aiming to intimidate and occasionally detain government critics. They often involve a request for a ride, bananas or collaboration Venezuela's euphemism for a small bribe. But the power play frequently falls flat. When their superiors slip away from the scorching sun, the grunts betray their displeasure with Maduro and openness to a new commander in chief. Did the lady arrive? Were there a lot people? one giddy soldier asks about opposition leader Maria Corina Machado. We wanted to watch, but there is no Wi-Fi here, whispers another. S

US reimposes oil sanctions on Venezuela amid no fair presidential polls

The Biden administration on Wednesday reimposed crushing oil sanctions on Venezuela, admonishing President Nicols Maduro's attempts to consolidate his rule just six months after the U.S. eased restrictions in a bid to support now fading hopes for a democratic opening in the OPEC nation. A senior U.S. official, discussing the decision with reporters, said any U.S. company investing in Venezuela would have 45 days to wind down operations to avoid adding uncertainty to global energy markets. The official spoke on the condition of anonymity to discuss U.S. policy deliberations. In October, the U.S. granted Maduro's government relief from sanctions on its state-run oil, gas and mining sectors after it agreed to work with members of the opposition to hold a free and competitive presidential election this year. While Maduro went on to schedule an election for July and invite international observers to monitor voting, his inner circle has used the ruling party's total control over Venezuela

Venezuela electoral outcry: Oppn coalition registers provisional candidate

Venezuela's main opposition coalition said Tuesday afternoon that the country's government allowed them to register a provisional candidate for the upcoming presidential election, amid a wave of criticisms after opposition leaders said they were blocked from registering their candidate of choice the night before. The coalition, the Unitary Democratic Platform, said they temporarily enlisted former diplomat Edmundo Gonzlez Urrutia as their candidate as a way to "preserve the exercise of the political rights that correspond to our political organisation" until they are able to register another candidate. In a post on X, formerly Twitter, the coalition said it was not allowed to access the registration system, but was later granted an extension. It is the latest in a chaotic electoral process surrounding Venezuela's July 28 election as the government of President Nicols Maduro has cracked down on the opposition despite promises to pave the way to democratic elections in exchange for ...

Venezuela's main oppn coalition unable to register presidential candidate

The main Venezuelan opposition coalition said early Tuesday that electoral authorities didn't let it register its presidential candidate as the deadline ended, in what it called the latest violation to the citizens' right to vote for change in the South American country. The candidate, Corina Yoris, could not be registered by midnight Monday, which was the time limit for registering for the election set for July 28, said Omar Barboza, representative of the US-backed Unitary Platform coalition. On a video posted on the Unitary Platform X account, Barboza said this was a violation of the right of the majority of Venezuelans who want to vote for change, and he demanded the registry be reopened. Yoris, an 80-year-old unknown newcomer, was named Friday the substitute to opposition leader Mara Corina Machado, who faces a government ban on her running for office. Hours before the opposition coalition couldn't register Yoris, President Nicols Maduro got the support of thousands as he made

Maduro begins re-election run while rival struggles to register candidacy

It's a tale of two dramatically different political campaigns. On Monday, throngs of supporters of President Nicols Maduro rallied at a giant stage draped in the red, yellow and blue colors of Venezuela's flag outside the electoral council headquarters where he is expected to make official his candidacy for a third term. Meanwhile, his would-be rivals tried to register their candidate, an 80-year-old unknown newcomer, before a midnight deadline but found they were unable to do so in what the opposition denounced as the latest attack on Venezuela's democracy. Polls show that Venezuelans would trounce the unpopular Maduro by a landslide if given half a chance. But the self-proclaimed socialist leader has so far managed to block his chief opponents from running while alternately negotiating and then reneging on minimal electoral guarantees promised to the U.S. government in exchange for relief from oil sanctions In a creative attempt to force Maduro's authoritarian hand, two smaller .

Highlights of the day: 2 killed in clash between ethnic groups in Manipur

Catch all the latest updates from across the globe here

US pulls some of Venezuela's sanctions relief as court blocks oppn leader

The US government on Monday pulled back part of the sanctions relief it granted Venezuela last year, following through on its threat after the South American country's highest court blocked the presidential candidacy of an opposition leader. The Department of the Treasury gave companies transacting with Venezuela's state-owned mining company until February 13 to wind down operations. The department had allowed transactions with the mining company in October after the government of President Nicols Maduro reached an agreement with the US-backed opposition faction to work toward levelling the playing field ahead of the presidential election. On Friday, however, the prospect of a free presidential election was dealt a heavy blow when the country's highest court upheld a ban on the candidacy of Mara Corina Machado, a longtime government foe and winner of the primary held by the opposition. Machado, a former lawmaker, won the opposition's independently run presidential primary with more

Guyana rejects quest for US military base as dispute with Venezuela deepens

Guyana's Attorney General Anil Nandlall said on Thursday that Guyana's government has reassured neighbouring Venezuela there is no plan for the US to establish a military base in the South American country and that it has not made a formal request for one. Nandlall spoke to The Associated Press days after Daniel P. Erikson, US deputy assistant secretary of defence for the Western Hemisphere, visited Guyana and one day after Guyanese officials announced they were seeking help from the US to improve its defence capabilities. Nandlall and other officials in Guyana have sought to temper tensions with Venezuela over a disputed region known as Essequibo rich in oil and minerals that represents two-thirds of Guyana and that Venezuela claims as its own. We have not been approached by the United States to establish a military base in Guyana, said Guyanese Vice President Bharrat Jagdeo, adding that the government does not conduct public policy at press conferences. Erikson visited just weeks

India to resume Venezuelan oil purchases, says Hardeep Singh Puri

India is willing to buy oil from any country that is not sanctioned, the minister added

LIVE: Hiranandani confesses helping LS MP Moitra in attacking Adani group

Catch all the latest updates from around the world here

Oil prices slip as Venezuela sanctions ease, Middle East in focus

Saudi Arabia had said it would keep its voluntary cut until the end of the year

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