Rosneft to invest $500 million to increase stake in Venezuelan state-owned company

Russia's leading oil producer, Rosneft has proposed investing another $500 million in Venezuela's state-owned Petroleos de Venezuela SA, to increase their stake from the original 16.7%. The proposition has come at a time when the country has declared an economic emergency after oil prices dropped to an alarming $24 a barrel.

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Saudi Arabia, Russia Agreed to Halt Oil Production After Qatar Talk, Boosting Oil Prices

Saudi Arabia and Russia, the world's largest oil producers, have come to an agreement to reduce oil production into the January level. This is the first time for the two countries working together in efforts to fix the oil industry, which has been dropping for years.

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Oil rises on production cut speculation, pares losses in January

Oil prices rebounded on news that there may be production cut by OPEC. US Brent futures recouped losses by 6.8 percent and US crude pared 9.3 percent losses during the week. In overall, oil prices rebounded by over 25 percent after hitting 12-month low in January. Oil price hit $27.10 on 20 January 2016.

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Venezuela’s President to Declare Economic Emergency

The slump of oil price has contributed to economic crisis in Venezuela. Inflation rate in the country has reached 141 percent. This situation has made president Venezuela to take some action.

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Economic Emergency In Venezuela Aims To Keep Maduro’s Anti Poverty Programs Alive

Just Prior to the State of Address to the Congress, Venezuelan President Nicolas Maduro has imposed economic emergency for 60 days. The concerned decree is aimed to allocate funds to keep alive the socialist government’s signature anti poverty programs. If opposition led Congress denies the imposed decree, Maduro will have to appeal to the Supreme Court of justice for its continued effectiveness.

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Dollar-starved Venezuelan telecoms turn weaker

Venezuelan telecom sector is reeling under pressure as it lacks additional funds availability, the physical currency of dollars. The cash-strapped telecom companies are unable to strengthen their networks. The soaring inflation doesn't allow them to raise a tariff.

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Venezuela's currency against US dollar tumbles 737%

The value of Venezuela's currency, the Bolivar, has nose-dived too fast and has now reached a point where it's worth less than a penny on the US dollar.

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OPEC agrees to keep pumping as oil glut fears persist

Oil group OPEC agreed to stick by its policy of unconstrained output for another six months on Friday, setting aside warnings of a second lurch lower in prices as some members such as Iran look to ramp up exports.

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Iran says OPEC unlikely to change output ceiling: Mehr news agency

OPEC is unlikely to change its production ceiling when the group meets in June, Iran's Oil Minister Bijan Zanganeh said on Sunday, according to the semi-official Mehr news agency.

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Ford Venezuela to sell pickups, SUVs in dollars: union

The Venezuela division of Ford Motor Co (F.N) will sell pickups and sport utility vehicles in dollars, a union leader said on Wednesday, part of a deal with the government to restart operations stalled for lack of hard currency to import parts.

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Venezuela may have missed $24 billion in oil revenue in 2014

Venezuela, struggling to pay for essential items such as food and medicine amid strict foreign currency controls, may have failed to collect about a third of its potential oil revenue in 2014, a Reuters analysis suggests.

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GE sees Latin American growth despite turbulence

General Electric Co projects revenue growth in the high single digits for Latin American in 2015 despite difficulties in major markets such as Brazil and Venezuela, the company's chief executive for the region said on Thursday.

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Venezuela puts debt service before food imports as cash dries up: sources

Venezuela's government has told the country's food industry that it is limiting dollar disbursements for food imports so that it can pay down foreign debt amid low oil prices, according to two sources with direct knowledge of the situation.

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U.S. companies can avoid slow torture of Venezuela devaluations by taking one big hit

American companies tired of seeing their earnings badly hurt by Venezuela’s crumbling bolivar currency system, can - with the stroke of a pen - get rid of much of the problem.

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Venezuela to announce change in fuel policy 'soon'

Venezuela will announce a change of policy soon on gasoline, the finance minister said in an interview broadcast on Friday, signaling the OPEC nation is moving ahead with along-awaited hike in the world's cheapest fuel.

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