You are here
In Venezuela, last year, 2616 percent inflation, oil production declines World 

In Venezuela, last year, 2616 percent inflation, oil production declines

In Venezuela, the world’s record-breaking level was 2616 percent last year, while producing less and less oil from the country’s main source of revenue.

According to the calculations of the Venezuelan parliament, inflation was only 85 percent in December.
Experts have pointed out that inflation above 50 percent already means hyperinflation.
The International Monetary Fund (IMF) expected 652 percent inflation in the middle of last year by 2017 and 2350 percent in 2018.
In 2016, 800 percent in 2016 and 180.9 percent in 2015.
The government led by President Nicolas Maduro has not published data on inflation developments for more than two years.
According to a data reported on Wednesday, Venezuela’s oil production in December was 16-year low.
Platts, one of the world’s leading energy information providers, reports Venezuela’s oil production was 1.7 million barrels a day in December, the lowest since 2002.
In the summer of 2014, when the oil price was over $ 100 a barrel, the day-to-day oil production in the South American country was much larger than 2.3 million barrels.
South America has the world’s largest known petroleum stock, the largest oil producer in the region, the world’s tenth largest oil exporter. The oil sector accounts for most of Venezuela’s foreign exchange earnings.
However, the crude oil price over the years has offset Venezuela’s budget, and the government has made bad responses to the challenges, so the country’s economy is now in ruins.

További Hírek:

Leave a Comment