• 4 minutes Tariffs to derail $83.7 Billion Chinese Investment in West Virginia
  • 9 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 17 minutes Kaplan Says Rising Oil Prices Won't Hurt US Economy
  • 6 mins Saudi Arabia turns to solar
  • 16 hours Kaplan Says Rising Oil Prices Won't Hurt US Economy
  • 10 hours Could oil demand collapse rapidly? Yup, sure could.
  • 5 hours Corruption On The Top: Netanyahu's Wife Charged With Misuse of Public Funds for Meals
  • 20 mins Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 15 mins Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 10 hours Gazprom Exports to EU Hit Record
  • 7 hours U.S. Withdraws From U.N. Human Rights Council
  • 1 day Tariffs to derail $83.7 Billion Chinese Investment in West Virginia
  • 11 hours OPEC Meeting Could End Without Decision - Irony Note Added from OPEC Children's Book
  • 15 hours China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 9 hours "The Gasoline Car Is a Car With a Future"
  • 9 hours What If Canada Had Wind and Not Oilsands?
  • 4 hours EU Confirms Trade Retaliation Measures vs. U.S. To Take Effect on June 22
  • 21 hours EVs Could Help Coal Demand
  • 10 hours Sell out now or hold on?

Breaking News:

Saudi Aramco Clears Another IPO Hurdle

India, China Look To Form ‘Oil Buyers Club’

India, China Look To Form ‘Oil Buyers Club’

Amid rising oil prices, India…

Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for US-based Divergente LLC consulting firm, and a member of the Creative Professionals Networking Group.

More Info

IMF Issues Censure Against Venezuela

Maduro PDVSA

The International Monetary Fund threatened to bar Venezuela from voting on IMF policies after the Latin American country failed to provide IMF with the economic data it has requested, the IMF said in a statement on Wednesday.

The statement was issued after the IMF Executive Board determined at a Wednesday meeting that Venezuela had failed to meet remedial measures that were approved late last year that required Venezuela to provide the IMF with the data it requires.

In November, the IMF found that Venezuela was in “breach” of its obligation to provide data “on the operations of the social security institute and on total exports and imports of merchandise, in terms of local currency values, according to countries of destination and origin,” vowing to meet again in six months to evaluate Venezuela’s progress in complying. The IMF referred to this data as “core macroeconomic data.”

But the Board today “found that Venezuela has not implemented the remedial measures and has failed to provide information on a number of additional items as required.” The data, the IMF said, was a first step to understanding “Venezuela’s economic crisis and identifying possible solutions.”

In an earlier note, the IMF referred to Venezuela’s economic collapse as one of the most extreme in modern history, and forecast that inflation would climb to 13000%, Alejandro Werner, director of IMF’s Western Hemisphere Department said at a IMF-World bank meeting last week.

Related: Could Oil Actually Hit $300?

The IMF has issued a declaration of censure against Venezuela for failing to provide the necessary data. Continued noncompliance could elicit a harsher response including a revocation of Venezuela’s voting rights on IMF policies, Reuters reports.

The IMF statement comes just a couple of weeks before Venezuela’s elections scheduled for May 20—elections that could send the country into further chaos as new sanctions look increasingly likely should its democracy be further undermined by the election.

Venezuela’s oil production has experienced a sharp drop off in the last couple of years, leaving the oil-reliant country cash poor and its citizens hungry. Venezuela, whose production fell below 1.5 million bpd in March, generates 95% of its export revenue from oil.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • Will on May 04 2018 said:
    Venezuela wont give because it does not have. I one looks at the 'sources' of Economic data emanating from Caracas it's easy to see nobody has the data. A General from the Air Force will provide Foodstuffs data, a Minister of Environment has given transport data. Simply put, Venezuela is as organized as a College Frat House at 3:28am during an 'All-u-can-Consume' Keg Party.

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News