IMF forecasts drop in Venezuela's oil revenues
The body is to cut Venezuela's growth forecast for 2013
IMF's Research Department Division Chief Thomas Helbling said that economic growth forecasts for Venezuela may be cut down, yet he refused to disclose the estimated adjustment before the IMF issues its Global Economic Outlook.
The multilateral body also estimated that the price of the oil basket is to drop 5% in 2013 and 3% in 2014 to USD 100 and USD 97, respectively.
Helbling added that the decline of the oil price will imply "reduced revenues from oil exports, but I believe that the issue in Venezuela is not oil price, but the abatement of production and political uncertainly."
According to the Venezuelan Government, the country's oil output stands at 3.1 million barrels per day, yet analysts believe that the real figure is lower considering that Venezuelan state-run oil company Pdvsa has focused on welfare programs in detriment of its core activities.
In a meeting held in October 2012, the IMF estimated Venezuela's growth at 3.3% in 2013.
Translated by Jhean Cabrera
Luis Jiménez Alfaro seems to have hidden under the rocks. The last time he was seen was on April 2006 walking calmly around Simón Bolívar International Airport of Maiquetía, located nearby Caracas. At that time, more than five tons of cocaine arrived in Mexico in an airplane which took off from Venezuela, and his name featured as a missing piece of the puzzle of one of the most massive drug shipments that has been witnessed in the Western Hemisphere.