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Some key facts about Venezuela’s oil economy

Posted on 23 March 2009

From Reuters: Venezuela will almost triple the amount of debt it takes on this year and trim its budget to offset lower oil revenues in the OPEC nation, leftist President Hugo Chavez said on Saturday.

The average price for Venezuelan oil so far this year is less than half its 2009 level, causing serious funding problems for the high-spending socialist president, who promises not to cut back social programs and will raise the minimum wage…..Full Article: Source


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