VENEZUELAN STATE-RUN OIL PRODUCTION SLOWS
July 5th, 2014
PRODUCTION at Venezuela state oil company Petróleos de Venezuela SA (PDVSA) has slumped under mounting financial pressures, building during the past 15 years when revenues have been tapped by its socialist government to fund social programmes, diplomatic initiatives and other non-commercial policies.Oil has long served as the lifeblood of the Venezuelan economy, accounting for about 95% of exports and nearly 25% of gross domestic product. Crucial for the country, where strict currency controls have been firmly in place for more than a decade, petrodollars ...
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