Oil & Gas Prediction 2015 #3 - Venezuela default

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Tim Haïdar


In South America, the continent’s largest holder of hydrocarbon reserves, The Bolivarian Republic of Venezuela, is braced to default on its debt. The country depends on oil to fulfil 95 per cent of its export revenue, and needs crude at least $97 a barrel to meet its fiscal obligations through 2038. The OPEC member is currently suffering the world’s highest rate of inflation and has been rationing food sales since October 2014.