Services

NEWS FLASH

UPCOMING WEBINAR - PANAMA AND DOMINICAN REPUBLIC ELECTIONS OUTLOOK...

Learn More

COUNTRY INSIGHTS

Higher inflation in Q4 2021
VENEZUELA · Report · 10 Sep 2021

In August, inflation decelerated to 14% from the July pace of 18 percent. At the same time, the dollar lost momentum against the bolivar, appreciating only 3 percent. This marks a slowdown from the 24 percent jump seen the month before. Year on year, August inflation was 1,365 percent, down f...

It’s encouraging
VENEZUELA · Report · 24 Aug 2021

It’s encouraging that, according to the Memorandum of Understanding signed by the Venezuelan government and the opposition Unity Platform on August 13 in Mexico City, the goal of the Norway-mediated talks will be to set down new rules of the political game consistent with the Constitution. Th...

The Refidomsa deal
VENEZUELA · In Brief · 22 Aug 2021

On August 19, the government of the Dominican Republic announced the purchase of 49 percent of the shares of the Dominican Petroleum Refinery (Refidomsa) held by PDV Caribe (a Pdvsa subsidiary) for €74 million ($88 million), $43 million less than what PDV Caribe paid in 2010 ($131 million). The D...

Campaign season spending propels inflation
VENEZUELA · Report · 10 Aug 2021

In July, the rate of inflation doubled to 18 percent from its June 9 percent. We had forecast only 11 percent, having failed to give due weight to the PSUV primary elections. Campaigning sparked increases in public expenditure, which in turn boosted the demand for dollars. The central bank reacte...

The straw that broke the camel's back
VENEZUELA · Report · 06 Aug 2021

Last week, TotalEnergies and Equinor announced their decision to withdraw from the Petrocedeño joint venture, the most important Venezuelan crude upgrader, capable of processing 190,000 barrels a day of extra-heavy crude and producing 170,000 barrels of synthetic crude of 30o API. PDVSA is now th...

Torpedo
VENEZUELA · Report · 28 Jul 2021

It’s a puzzle why the government decided to arrest lawmaker Freddy Guevara and harass other Popular Will party (VP) leaders. His actions torpedoed preparations for government–opposition talks to be mediated by Norway. Perhaps the torpedo was aimed at dividing the opposition. Or the government...

2021–2022 Forecast: Slow Recovery
VENEZUELA · Forecast · 27 Jul 2021

With only five percent of Venezuelans fully vaccinated, the country has seen no relief from its rapid daily rate of new Covid-19 cases since the end of March. Non-adherence and lax enforcement of quarantines are allowing retail trade and manufacturing to begin to open up. Groundwork is being laid...

Venezuela and the Pandemic
VENEZUELA · Report · 23 Jul 2021

​According to official data, since the second Covid-19 wave began at the end of March, the number of daily new cases has averaged 1,200, with no signs of slowing down and without the Delta variant having officially entered Venezuela. Cases are bound to rise, and quarantines will be more strictly ...

We revise down inflation projections
VENEZUELA · Report · 13 Jul 2021

Inflation slowed down sharply in June, to 9 percent month on month from 27 percent in May. We had projected 17 percent. Public spending remained in check, as we anticipated, but the Central Bank of Venezuela (BCV) was much more restrictive than we expected. The central bank failed to loosen ba...

Preparing for talks
VENEZUELA · Report · 28 Jun 2021

Groundwork is being laid for talks sponsored by Norway to take place between the government and the opposition. They might begin in August. Both sides seem motivated, given that the Maduro government needs sanctions lifted so it can govern, and the opposition needs to re-engage its base. At th...

Inflationary crosscurrents
VENEZUELA · Report · 14 Jun 2021

Consumer prices rose by 27 percent month on month in May, an increase close to the 25 percent seen in April and steeper than our forecast lift of 11 percent. While factors we had anticipated worked to tame inflation, others we’d not foreseen kept it strong. As we had anticipated, money supply ...

Oil exports set to fall regardless of Chinese tax
VENEZUELA · Report · 26 May 2021

China has announced a substantial levy on oil-related items that include Venezuela’s main oil export, the Merey 16 blend. Pdvsa sends just over 400,000 barrels per day of Merey 16 to China—60 percent of its total exports. If implemented as written, China’s planned tax would grind those exports to...

A negotiations bazaar
VENEZUELA · Report · 19 May 2021

Maduro’s government is negotiating with multiple parties. The signals sent by his important recent concessions, an outcome of ongoing negotiations, were listened to attentively by the international community, governments and think-tanks, forcing the interim government and the G4 to stop ignoring ...

Strategic regime moderation
VENEZUELA · Report · 12 May 2021

Maduro’s government has signaled a major shift in stance and strategy in the last several weeks. Most importantly, it agreed to a legal process for renewing the five-member board of the National Electoral Council that resulted in the designation of two opposition-aligned members. Maduro has al...

Erratic control
VENEZUELA · Report · 11 May 2021

Inflation sped up sharply in April, to 27 percent month-on-month from 11 percent in March. It was driven up primarily by sharp dollar strengthening in bolivar terms (+36 percent) despite slow public spending and money supply. We think that dollar prices were responding to the March surge in publi...

Copyright 2024 GlobalSource Partners. All rights reserved.