And Now Venezuela Will Have To Go It Alone

Of all the member nations of OPEC, Venezuela arguably is most in need of a rally in oil prices. An agreement to cut oil production would do the trick. But OPEC members have reportedly indicated that it will not cut. This means Venezuela will most likely have to go it alone. The country will have to get through its economic free fall without the help of higher oil prices (which would boost the value of its massive oil exports), and it is going to be an incredibly difficult road. In the past year the country's inflation rate has grown to about 64%, its export basket has fallen over $30 to $68.97 (a four-year low), and currency reserves are at an all-time low. For the past month, Venezuelan bonds have been selling off at breakneck speed. More…