CARACAS, (Reuters) – Venezuela President Nicolas Maduro said last evening he was seeking financing to counter a dramatic fall in oil prices that have hurt the cash-strapped OPEC country but did not provide further details.
“We’re looking for resources,” he said during a speech to unveil a plan to combat the “economic war” he blames Venezuela’s recession and shortages on.
“We’re dedicated, 24 hours a day every day, to looking…. so that the country can function,” added Maduro, who visited a flurry of countries including China during a nearly two-week tour earlier this month.
With oil prices down by more than half since mid-2014, Venezuela’s economic mess has hit Maduro’s popularity hard and hiked pressure on the government to find fresh funds amid a recession and shortages of basic goods.
Last week he said he was shaking up complex currency controls and also prepared Venezuelans for a rise in the world’s cheapest fuel prices.
Details have been scarce and economists panned lack of major structural changes.
Venezuela’s oil export basket closed at $38.50 per barrel yesterday, Maduro added. That is down from an average of $88.42 in 2014.
