Venezuelan state oil company PDVSA will
honor some $17 billion in bond payments due this year thanks to stronger oil
prices, Economy Vice President Ramon Lobo said in a newspaper interview
published on Tuesday. Brent crude, the international benchmark for oil, surged
in January above $58 per barrel in the wake of output cuts, although it slipped
last week to a three-month low. Cash-squeezed Venezuela depends on oil for over
90 percent of its hard-currency revenues, so market fears have grown over its
ability to service major debt payments. President Nicolas Maduro's government,
however, has repeatedly ruled out a default. More…
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