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Weekly Report - 22 November 2018 (WR-18-46)

VENEZUELA: Higher oil price not a panacea

Venezuela’s President Nicolás Maduro delivered a eulogy for Alí Rodríguez Araque, an icon of the Bolivarian Revolution and oil czar, on 21 November in which he insisted that a “fair price” for a barrel of crude would be US$100 (the average price for the Venezuelan oil basket this year is US$61.74). But falling oil production and rampant corruption, not low prices, are the primary cause of the country’s problems as this week amply demonstrated.

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