Picture used for illustrative purpose. File
Venezuela's oil revenue has collapsed 99 percent over the last six years, President Nicolas Maduro said, blaming financial sanctions put in place by the US for much of the loss.
The country is home to the world's biggest oil reserves but has seen its economy shrink by more than half under Maduro, the political heir to leftist firebrand Hugo Chavez who died in 2013.
Thirty billion dollars have been lost each year since 2015, Maduro said Tuesday, adding "it's impossible to imagine the amount of pressure placed on our economy."
"For every 100 dollars obtained through oil sales in 2014 we receive one today," which means oil revenues fell from more than 56 billion dollars in 2013 "to less than 400 million dollars last year".
Venezuela's socialist government is targeted by a slew of international sanctions, including a US oil embargo.
Between 2014 and 2019 Venezuela experienced the "sharpest" foreign exchange losses in its history, Maduro said.
"In six years we lost 99% of our foreign exchange revenues."
He added that the main reason for the huge drop in revenues was "the war declared on oil prices," to "attack the world's major producers," and said his country's economy and finances were being targeted.
Experts recognize sanctions have exacerbated the crisis in Venezuela, but say the main problem is poor economic management and corruption.
A July report from private company Envoci said that in 2019 about 96 percent of households lived in poverty, up from about 92.6 percent the year before.
Overall business conditions in Dubai’s non-oil private sector economy improved at the fastest rate in over four years in April. This mainly reflected the trend in new business, as employment was broadly unchanged during the month. Notably, business conditions in the wholesale & retail sector
Egypt’s non-oil private sector economy saw renewed growth in April, according to latest PMI data. Output expanded for the first time in nearly one-and-a-half years and new business increased at a faster rate. Input purchasing and job numbers also rose, while business sentiment towards the year-ahead outlook for activity strengthened.
A wide range of development projects are underway in the UAE’s east coast emirate of Fujairah as it seeks to diversify its economy. The Port of Fujairah, its adjacent anchorage and the Fujairah Oil Industry Zone, FOIZ, are already well-established as the second largest oil bunkering centre in the world,
Opec and its allies agreed on Thursday to keep current production cuts until further review in December, with the Kingdom of Saudi Arabia pledging to further strengthen its voluntary production adjustment to 9.890 million bpd in October.
The Department of Tourism and Commerce Marketing (Dubai Tourism) hosted a virtual forum for stakeholders and partners to provide them an opportunity
A high-level UAE delegation headed by Abdullah Bin Touq Al Marri, Minister of Economy, will visit the United Kingdom this week to discuss the development of economic relations
Sharjah Asset Management Company, the investment arm of the Government of Sharjah, has announced that all its employees working in sister companies and subsidiaries