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Oil Prices and Venezuela's Economy

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  • Mark Weisbrot
  • Rebecca Ray

Abstract

This paper looks at Venezuela’s export revenue, imports, and trade and current account balances under a range of oil price outcomes for the next two years. It finds that Venezuela would run large current account surpluses for prices between $60-90 per barrel, and would even run a small surplus with prices at $50 per barrel. (Most oil industry estimates for the next two years are in the range of $80-90 per barrel). The authors conclude that Venezuela is unlikely to run into foreign exchange constraints in the foreseeable future, and can pursue expansionary fiscal policies to counter any economic downturn.

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File URL: http://www.cepr.net/documents/publications/venezuela_2008_11.pdf
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Bibliographic Info

Paper provided by Center for Economic and Policy Research (CEPR) in its series CEPR Reports and Issue Briefs with number 2008-30.

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Length: 11 pages
Date of creation: Nov 2008
Date of revision:
Handle: RePEc:epo:papers:2008-30

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Keywords: Venezuela; Venezuelan oil exports; Venezuelan government revenue;

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