China is Venezuela’s largest creditor and has loaned it more than Dollars 40 billion during the last five years, much of which has been paid back with oil. In exchange for tens of billions of dollars in loans, Venezuela sends around 700,000 barrels per day of oil to China.
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Venezuela is overwhelmingly dependent on oil for its economy, and the country’s budget has a breakeven price of well over $100 per barrel. Many of them have been living in the country for years and have formed families there.
The foreign minister will have the task of presenting Colombian’s side of the story to Ki-moon, as the Venezuelan president, Nicolas Maduro, already met with the Secretary General on Thursday.
During the show, which usually lasts for hours and often includes live music and folkloric dance, Maduro lauded traditional Chinese medicine and art. – Reuters, September 2, 2015.
Maduro joined Russian President Vladimir Putin on the sidelines of a state visit to Beijing to discuss trade and current market conditions. With oil down around $46 per barrel, it is facing a veritable economic and financial crisis.
Maduro traveled to Moscow in January as part of a tour in which he discussed plunging oil prices with oil-producing nations including Algeria, Iran, and Saudi Arabia.
Panama surprised its neighbor Colombia by abstaining from the vote, effectively ending the possibility of a summit in which Venezuela could be diplomatically pressured to change its recent hostile attitude towards Colombia and its people. It has been pushing for a new deal between Opec and non-Opec nations to stabilize prices.
Venezuela is thought to have the world’s largest reserves of oil, making up 96 percent of its export revenue.
Rodriguez said that those paramilitaries were a threat to Venezuela and allowing a smuggling activity that has significantly affected the economy of his country.
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However, the Russian President refused to spell out any specific action related to the issue, including output cuts.
