Venezuela cutting back on generous oil subsidies

Global Business

For years, Venezuela has doled out generous oil subsidies across the Caribbean, but according to a new report the South American nation may no longer be able to afford the program and it is cutting back. CCTV America’s Martin Markovits filed this report from Caracas.

Venezuela cutting back on generous oil subsidies

Venezuela cutting back on generous oil subsidies

For years, Venezuela has doled out generous oil subsidies across the Caribbean, but according to a new report the South American nation may no longer be able to afford the program and it is cutting back. CCTV America's Martin Markovits filed this report from Caracas.


Follow Martin Markovits on Twitter @MartinMarkovits

Highlights:

  • The flow of Venezuelan crude to the Caribbean may be slowing down, according to a new report by Barclays investment bank.
  • Low oil prices have exacerbated problems of shortages and stirred fears of a default, but the Venezuelan government insists Petrocaribe will continue.
  • The Venezuelan government denied the Barclays report, labeling it a smear campaign and an attack on Venezuela’s efforts to help poor nations.

Kent Moors on the impact of falling commodity prices

For more on the impact of falling commodity prices, CCTV America interviewed Kent Moors, the executive chair at The Money Map Global Energy Symposium.

Kent Moors on the impact of falling commodity prices

Kent Moors on the impact of falling commodity prices

For more on the impact of falling commodity prices, CCTV America interviewed Kent Moors, the executive chair at The Money Map Global Energy Symposium.