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2018-07-25 09:15:00

VENEZUELA'S ECONOMIC COLLAPSE

VENEZUELA'S ECONOMIC COLLAPSE

IMFTranscript of the Press Conference on the Release of the July 2018 World Economic Outlook Update - about Venezuela

On Venezuela, it is difficult to discuss because it is in a state of economic collapse. We have not engaged with them in over a decade on their economic policies. We have not had an Article IV mission. We are also in discussions with them about their data quality. So, anything we say about Venezuela has to be taken with caveats. But we see in the coming years double-digit contraction of output, and we have increased our assessment of the degree of contraction in the most recent round. We're seeing a hyperinflation that is rivaled only by Zimbabwe and the great historical hyperinflations of the interwar period. So, it is very hard to exaggerate the extent of disruption in the Venezuelan economy.

This has been naturally a source of migration into neighboring economies. Just as in other parts of the world, there is a huge challenge of absorbing these migrants. Of course, there is not a language issue but they will have to be absorbed into economies. Ultimately, what we've seen is that that can be a source of economic strength. In the short run, there are costs to housing migrants transitioning them into the labor force.

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Earlier:

 S.America
2018, June, 25, 12:15:00

VENEZUELA CAN UP BY 1 MBD

REUTERS - Venezuela has the ability to boost crude output by 1 million barrels per day (bpd) by end of the year in its bid to recover lost production, but the oil minister also said on Friday this goal would be “a challenge” for state oil firm PDVSA.

 S.America
2018, June, 22, 13:10:00

THE LARGEST VENEZUELA'S OIL

U.S. EIA - Venezuela holds the largest oil reserves in the world, in large part because of the heavy oil reserves in the Orinoco Oil Basin. In addition to oil reserves, Venezuela has sizeable natural gas reserves, although the development of natural gas lags significantly behind that of oil. However, in the wake of political and economic instability in the country, crude oil production has dramatically decreased, reaching a multi-decades low in mid-2018.

 S.America
2018, June, 20, 12:35:00

VENEZUELA'S OIL PRODUCTION DOWN

PLATTS - Venezuela's crude output averaged 1.36 million b/d in May, down from 1.41 million b/d in April, and 1.9 million b/d in May 2017, according to S&P Global Platts. The International Energy Agency said it could fall to 800,000 b/d or even lower next year.

 S.America
2018, June, 8, 12:55:00

VENEZUELA IRAN SANCTIONS

BLOOMBERG - Venezuela wrote to fellow OPEC members urging them to unite against U.S. sanctions, echoing a similar letter from Iran, according to people with knowledge of the matter.

 S.America
2018, May, 21, 11:00:00

IRAN & VENEZUELA SANCTIONS

NYT - China and India are the biggest buyers of Iranian crude, but they also provide markets for 40 percent of Venezuelan exports, which have been plummeting under the weight of mismanagement, debt and American financial sanctions.

 S.America
2018, March, 14, 11:15:00

VENEZUELA'S OIL PRODUCTION DOWN

EIA - Venezuela’s crude oil production has been on a downward trend for two decades, but it has experienced significant decreases over the past two years. Crude oil production in Venezuela decreased from 2.3 million barrels per day (b/d) in January 2016 to 1.6 million b/d in January 2018. A combination of relatively low global crude oil prices and the mismanagement of Venezuela’s oil industry has led to these accelerated declines in production.

 S.America
2018, March, 12, 08:30:00

VENEZUELA'S RATINGS DOWN

MOODY'S - Moody's Investors Service has downgraded the Government of Venezuela's foreign currency and local currency issuer ratings, foreign and local currency senior unsecured ratings, and foreign currency senior secured rating to C from Caa3. Concurrently, the foreign currency senior unsecured medium term note program has also been downgraded to (P)C from (P)Caa3. The outlook has been changed to stable from negative.

 

 

 

Tags: VENEZUELA, ECONOMY

Chronicle:

VENEZUELA'S ECONOMIC COLLAPSE
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GREEN ENERGY CONGRESS JUNE 2019

GREENENERGY - We take an immense pleasure to extend our warm welcome to invite all the participants from all over the world to attend 7th World Congress and Expo on Green Energy during June 24-25, 2019 Barcelona, Spain

VENEZUELA'S ECONOMIC COLLAPSE
2019, February, 15, 12:15:00

СЕВЕРНЫЙ ПОТОК 2 БУДЕТ РЕАЛИЗОВАН

МИНЭНЕРГО РОССИИ - «Мы считаем, что проект газопровода – коммерческий, и в нем заинтересованы европейские компании. Из-за того, что потребление газа в Европе будет расти, а собственная добыча – падать, Европа будет нуждаться в дополнительных объемах импорта. Наша конкурентоспособность подтверждена годами. Уверен, что проект будет реализован, он станет одним из основных инфраструктурных проектов на десятилетия вперед»,

VENEZUELA'S ECONOMIC COLLAPSE
2019, February, 15, 12:10:00

СЕВЕРНЫЙ ПОТОК 2 ВОВРЕМЯ

ГАЗПРОМ - Отдельное внимание на встрече было уделено ходу реализации проекта «Северный поток — 2». Отмечено, что укладка газопровода в Балтийском море идет по графику.

VENEZUELA'S ECONOMIC COLLAPSE
2019, February, 15, 12:05:00

NORD STREAM 2 DEAL

REUTERS - Russia's planned Nord Stream 2 gas pipeline direct to Germany is set to face EU market rules after negotiators agreed informally to change the EU's gas directive to apply to offshore gas links, the European Commission said late Tuesday.

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