Venezuela wants to expand oil diplomacy despite falling prices

But Venezuela’s capacity to serve as benefactor to the region has suffered with its economy, which is in apparent recession with inflation at 60 percent and foreign reserves shrinking. Seven ALBA countries are also in Petrocaribe. Maduro’s comments reflected the defiant yet optimistic tone of the summit, at which leaders criticized the United States for its 52-year-old economic embargo against Cuba and more recent sanctions against Venezuela. Passed by the U.S. House of Representatives on Wednesday, they were imposed after 43 people were killed in violence following anti-government street protests earlier this year.More…