Despite OPEC blow, Venezuela says to push until oil at $100

The decision is a blow to Venezuela's flailing economy, widely believed to be in recession, and also highlights the country's diminished influence in OPEC, which it helped found. But Maduro said the country with the world's largest crude reserves is undeterred. "We didn't achieve it for now, but we will and we will keep trying until oil prices are where they're meant to be, around $100 per barrel," he said at a military event, estimating the oil price slump had curbed Venezuela's revenues by up to 40 percent. To be sure, the country has an upward battle to win over the wealthy Gulf states that have made clear they are ready to ride out the weak prices. The prospect of continued low oil prices, however, is disastrous for Venezuela, which is grappling to pay debt arrears to private companies ranging from airlines to oil partners, finance expensive social programs, and make major bond payments. More…