Venezuela ordered the expulsion of the top two US diplomats in the country Tuesday, charging it was the victim of a "political and financial lynching" after Washington tightened sanctions over Nicolas Maduro's re-election.

Maduro announced the expulsions in a televised speech after being officially proclaimed the winner of Sunday's election in the South American nation mired in an acute economic crisis and facing growing international isolation.

The vote was boycotted by the main opposition parties and widely condemned by the international community, including the United States, which denounced it as a "sham."

The Venezuelan president declared US charge d'affaires Todd Robinson and deputy head of mission Brian Naranjo "personae non-gratae."

"They must leave the country in 48 hours in protest and in defence of the dignity of the Venezuelan homeland... Enough of conspiracies!" he said.

The United States immediately threatened to retaliate.

A State Department official told AFP that Washington had "not received notification from the Venezuelan government through diplomatic channels," but that if the expulsions are confirmed, "the United States may take appropriate reciprocal action."

On Monday, President Donald Trump tightened sanctions against Caracas, making it harder for the Maduro regime to sell off state assets.

"I repudiate all the sanctions that are sought against the Bolivarian Republic of Venezuela because they harm it, they generate suffering for the people of Venezuela," Maduro said in the speech.

He promised to present "evidence" that both diplomats were engaged in a political, military and economic "conspiracy."

Robinson denied the allegations.

"We strongly reject the accusations against me and against" Naranjo, he told journalists in the western city of Merida, promising to return there even despite Maduro expulsing him.

'Threat to world peace'

Washington and Caracas have not exchanged ambassadors since 2010, and relations between the two countries have been tense since the late leftist President Hugo Chavez, Maduro's mentor, assumed power in 1999.

The deeply unpopular Maduro was declared the winner with 68 percent of the vote, but with a record abstention rate.

The foreign ministry earlier lashed out at the US sanctions, accusing Washington of intensifying a "criminal financial and economic blockade," which it called a crime against humanity for impeding "access to essential goods."

"We alert the international community to the threat to world peace represented by the supremacist, racist and interventionist regime that governs Washington today, inspired by the nefarious postulates of the Ku Klux Klan," the foreign ministry said in a statement.

It said US policy "promotes hatred, intolerance and political and financial lynching" of Venezuela.

Venezuelans are reeling under a deepening crisis, with hyperinflation projected by the IMF to reach 13,800 percent this year and dire shortages of food and medicine.

Hundreds of thousands of people have fled the country to escape the growing deprivation.

Washington has previously slapped sanctions on the president and his senior aides, and banned US entities from buying any more debt from Caracas or state oil company PDVSA.

The European Union said it was also weighing new sanctions after the election was marred by "irregularities" and failed to meet international standards.

Caracas is facing increasing international isolation, with the United States, the European Union and the 14 countries of the Lima Group, which includes Argentina, Brazil and Canada, refusing to recognize the election result.

"Venezuela is beginning to suffer an economic boycott by the United States and its allies, and this is going to be fatal to the regime," political analyst Carlos Romero told AFP.

Maduro, a former bus driver, union leader and foreign minister, has insisted Venezuela is the victim of an "economic war" waged by the conservative opposition and external powers including the United States aimed at toppling him.

'The enemies of Venezuela'

Most economists attribute the oil-rich country's economic collapse to years of mismanagement, corruption and a period of sharply lower oil prices.

Maduro, 55, earlier Tuesday received his official credentials from the National Electoral Council, or CNE by its Spanish acronym, as the winner of the election.

"The CNE... confirms citizen Nicolas Maduro Moros as president of the Bolivarian Republic of Venezuela for a period of six years," starting in January 2019, CNE head Tibisay Lucena declared.

Lucena, from the same leftist party as Maduro, rejected allegations by the opposition and much of the international community that the polls were not legitimate.

"Never have we witnessed an international attack as bad as the one that characterized this process," she said.

"The voices of denunciation returned, without evidence. If offers up the possibility for the enemies of Venezuela to attack our sovereignty."

The United States immediately threatened to retaliate

Venezuela ordered the expulsion of the top two US diplomats in the country Tuesday, charging it was the victim of a "political and financial lynching" after Washington tightened sanctions over Nicolas Maduro's re-election. Maduro announced the expulsions in a televised speech after being officially proclaimed the winner of Sunday's election in the South American nation mired in an acute economic crisis and facing growing international isolation. The vote was boycotted by the main opposition parties and widely condemned by the international community, including the United States, which denounced it as a "sham." The Venezuelan president declared US charge d'affaires Todd Robinson and deputy head of mission Brian Naranjo "personae non-gratae." "They must leave the country in 48 hours in protest and in defence of the dignity of the Venezuelan homeland... Enough of conspiracies!" he said. The United States immediately threatened to retaliate. A State Department official told AFP that Washington had "not received notification from the Venezuelan government through diplomatic channels," but that if the expulsions are confirmed, "the United States may take appropriate reciprocal action." On Monday, President Donald Trump tightened sanctions against Caracas, making it harder for the Maduro regime to sell off state assets. "I repudiate all the sanctions that are sought against the Bolivarian Republic of Venezuela because they harm it, they generate suffering for the people of Venezuela," Maduro said in the speech. He promised to present "evidence" that both diplomats were engaged in a political, military and economic "conspiracy." Robinson denied the allegations. "We strongly reject the accusations against me and against" Naranjo, he told journalists in the western city of Merida, promising to return there even despite Maduro expulsing him. 'Threat to world peace' Washington and Caracas have not exchanged ambassadors since 2010, and relations between the two countries have been tense since the late leftist President Hugo Chavez, Maduro's mentor, assumed power in 1999. The deeply unpopular Maduro was declared the winner with 68 percent of the vote, but with a record abstention rate. The foreign ministry earlier lashed out at the US sanctions, accusing Washington of intensifying a "criminal financial and economic blockade," which it called a crime against humanity for impeding "access to essential goods." "We alert the international community to the threat to world peace represented by the supremacist, racist and interventionist regime that governs Washington today, inspired by the nefarious postulates of the Ku Klux Klan," the foreign ministry said in a statement. It said US policy "promotes hatred, intolerance and political and financial lynching" of Venezuela. Venezuelans are reeling under a deepening crisis, with hyperinflation projected by the IMF to reach 13,800 percent this year and dire shortages of food and medicine. Hundreds of thousands of people have fled the country to escape the growing deprivation. Washington has previously slapped sanctions on the president and his senior aides, and banned US entities from buying any more debt from Caracas or state oil company PDVSA. The European Union said it was also weighing new sanctions after the election was marred by "irregularities" and failed to meet international standards. Caracas is facing increasing international isolation, with the United States, the European Union and the 14 countries of the Lima Group, which includes Argentina, Brazil and Canada, refusing to recognize the election result. "Venezuela is beginning to suffer an economic boycott by the United States and its allies, and this is going to be fatal to the regime," political analyst Carlos Romero told AFP. Maduro, a former bus driver, union leader and foreign minister, has insisted Venezuela is the victim of an "economic war" waged by the conservative opposition and external powers including the United States aimed at toppling him. 'The enemies of Venezuela' Most economists attribute the oil-rich country's economic collapse to years of mismanagement, corruption and a period of sharply lower oil prices. Maduro, 55, earlier Tuesday received his official credentials from the National Electoral Council, or CNE by its Spanish acronym, as the winner of the election. "The CNE... confirms citizen Nicolas Maduro Moros as president of the Bolivarian Republic of Venezuela for a period of six years," starting in January 2019, CNE head Tibisay Lucena declared. Lucena, from the same leftist party as Maduro, rejected allegations by the opposition and much of the international community that the polls were not legitimate. "Never have we witnessed an international attack as bad as the one that characterized this process," she said. "The voices of denunciation returned, without evidence. If offers up the possibility for the enemies of Venezuela to attack our sovereignty."

Venezuela's Maduro expels US diplomats, rejects sanctions

As fuel prices hit record highs, the government may be mulling a tax cut.&nbsp

Petrol was selling in Delhi on Sunday at <a href="http://www.wionews.com/india-news/petrol-diesel-prices-hit-record-highs-in-delhi-138381">Rs 76.24 a litre</a>, the highest ever since September 14, 2013.&nbsp

On Monday, prices climbed even higher to Rs 76.57 a litre.&nbsp

This is the eighth straight day fuel prices have risen.&nbsp

Oil retailers had frozen prices on April 24 — after being nudged by the government to do so&nbsp&nbsp&nbsp— as Karnataka went to the polls.&nbsp

The freeze was lifted on May 14, two days after the elections.&nbsp

The retailers are now trying to catch up with global oil prices.&nbsp

On Sunday however, Oil Minister Dharmendra Pradhan said in Bhubaneshwar that the Centre was "sensitive" about "rising fuel prices". That alternatives were being explored and that he hoped something would "work out soon".&nbsp

That, news reports said Monday, indicated the government may be thinking about a tax cut.&nbsp

Pradhan has so far&nbspruled out an excise cut, saying the price rise is temporary. He has blamed the price rise on OPEC's decision to cut production, US sanctions on Iran, and the <a href="http://www.wionews.com/world/venezuela-maduro-wins-presidential-vote-138497">instability in Venezuela</a>.&nbsp

He has instead urged states to cut VAT and bring fuels under the GST regime.&nbsp

But the minister's statement on Sunday, the reports said, indicates a rethink by the government in order to avoid the public outcry getting any louder. 
&nbsp

Oil Minister Dharmendra Pradhan said on Sunday that the Centre was 'sensitive' about 'rising fuel prices'. That alternatives were being explored and that he hoped something would 'work out soon'

As fuel prices hit record highs, the government may be mulling a tax cut. Petrol was selling in Delhi on Sunday at Rs 76.24 a litre, the highest ever since September 14, 2013. On Monday, prices climbed even higher to Rs 76.57 a litre. This is the eighth straight day fuel prices have risen. Oil retailers had frozen prices on April 24 — after being nudged by the government to do so — as Karnataka went to the polls. The freeze was lifted on May 14, two days after the elections. The retailers are now trying to catch up with global oil prices. On Sunday however, Oil Minister Dharmendra Pradhan said in Bhubaneshwar that the Centre was "sensitive" about "rising fuel prices". That alternatives were being explored and that he hoped something would "work out soon". That, news reports said Monday, indicated the government may be thinking about a tax cut. Pradhan has so far&nbspruled out an excise cut, saying the price rise is temporary. He has blamed the price rise on OPEC's decision to cut production, US sanctions on Iran, and the instability in Venezuela. He has instead urged states to cut VAT and bring fuels under the GST regime. But the minister's statement on Sunday, the reports said, indicates a rethink by the government in order to avoid the public outcry getting any louder.

As fuel prices hit record highs, government may be mulling a tax cut

US Vice President <a href="http://www.wionews.com/world/venezuela-maduro-wins-presidential-vote-138497">Mike Pence today called the Venezuela</a> election a &nbsp;"sham" threating new sanctions against Venezuela where President Nicolas Maduro won a second term.

"Venezuela's election was a sham - neither free nor fair. The illegitimate result of this fake process is a further blow to the proud democratic tradition of Venezuela," Pence said.

&nbsp;Maduro principal rival declared the elections "illegitimate" due to alleged irregularities. Maduro bagged 5.8 million votes against 1.8 million won by his rival Henri Falcon.&nbsp;

"The United States will not sit idly by as Venezuela crumbles and the misery of their brave people continues," the US vice president added.

Reports said the White House is set to announce sanctions against Venezuela which is already hit after oil prices crashed last year. People have been unable to procure basic needs namely food and medicine with inflation skyrocketing.

Election officials said Maduro had won 68 per cent votes in the presidential poll trouncing Falcon who reportedly won 21 per cent of the votes.

The Opposition coalition which boycotted the polls said the elections was a "farce".

The Opposition coalition which boycotted the polls said the elections was a "farce."

US Vice President Mike Pence today called the Venezuela election a "sham" threating new sanctions against Venezuela where President Nicolas Maduro won a second term. "Venezuela's election was a sham - neither free nor fair. The illegitimate result of this fake process is a further blow to the proud democratic tradition of Venezuela," Pence said. Maduro principal rival declared the elections "illegitimate" due to alleged irregularities. Maduro bagged 5.8 million votes against 1.8 million won by his rival Henri Falcon. "The United States will not sit idly by as Venezuela crumbles and the misery of their brave people continues," the US vice president added. Reports said the White House is set to announce sanctions against Venezuela which is already hit after oil prices crashed last year. People have been unable to procure basic needs namely food and medicine with inflation skyrocketing. Election officials said Maduro had won 68 per cent votes in the presidential poll trouncing Falcon who reportedly won 21 per cent of the votes. The Opposition coalition which boycotted the polls said the elections was a "farce".

US calls Venezuela election a 'sham', mulls sanctions

Amid a controversial vote, Venezuela's President Nicolas Maduro won re-election on Sunday. Maduro's main rivals had declared the poll illegitimate due to alleged widespread irregularities and called for fresh polls to be held later in the year.

Around 46.1 percent voter turnout was registered, the election board said. Nearly 80 percent voter turnout was registered during the last presidential polls in 2013.

Maduro bagged 5.8 million votes, versus 1.8 secured by his nearest rival Henri Falcon.&nbsp;

With more than 90 percent of the votes counted, &nbsp;Maduro had 67.7 percent of the vote, with his main rival Henri Falcon taking 21.2 percent, the National Election Council chief Tibisay Lucena announced, AFP reported.&nbsp;

(With inputs from agencies)&nbsp;

With more than 90 percent of the votes counted, Maduro had 67.7 percent of the vote

Amid a controversial vote, Venezuela's President Nicolas Maduro won re-election on Sunday. Maduro's main rivals had declared the poll illegitimate due to alleged widespread irregularities and called for fresh polls to be held later in the year. Around 46.1 percent voter turnout was registered, the election board said. Nearly 80 percent voter turnout was registered during the last presidential polls in 2013. Maduro bagged 5.8 million votes, versus 1.8 secured by his nearest rival Henri Falcon. With more than 90 percent of the votes counted, Maduro had 67.7 percent of the vote, with his main rival Henri Falcon taking 21.2 percent, the National Election Council chief Tibisay Lucena announced, AFP reported. (With inputs from agencies)

Venezuela: Nicolas Maduro wins re-election amid outcry over vote

The United States is actively considering oil sanctions on Venezuela and Sullivan said a response to Sunday's vote would be discussed at a G20 meeting in Buenos Aires on Monday.

Venezuelan President Nicolas Maduro was seeking a six-year term in a Sunday election boycotted by the opposition and condemned by foes as the "coronation" of a dictator. Results are expected by late evening.

The G20 meeting, from May 20 to May 21, seeks to provide an opportunity to discuss the contributions and role of the G20 in support of multilateralism and global governance. It will also provide an opportunity to look at ways to promote fair and sustainable development and prepare for the G20 Leaders' Summit due to take place for the first time in South America from November 30 to December 1.

Venezuelan President Nicolas Maduro was seeking a six-year term in a Sunday election boycotted by the opposition and condemned by foes as the "coronation" of a dictator. Results are expected by late evening

The United States is actively considering oil sanctions on Venezuela and Sullivan said a response to Sunday's vote would be discussed at a G20 meeting in Buenos Aires on Monday. Venezuelan President Nicolas Maduro was seeking a six-year term in a Sunday election boycotted by the opposition and condemned by foes as the "coronation" of a dictator. Results are expected by late evening. The G20 meeting, from May 20 to May 21, seeks to provide an opportunity to discuss the contributions and role of the G20 in support of multilateralism and global governance. It will also provide an opportunity to look at ways to promote fair and sustainable development and prepare for the G20 Leaders' Summit due to take place for the first time in South America from November 30 to December 1.

US will not recognise Venezuela election result: State Department

Venezuelan President Nicolas Maduro is seeking a six-year term on Sunday in a vote condemned by foes as the "coronation" of a dictator and likely to bring fresh foreign sanctions.

With the mainstream opposition boycotting the election, two of his most popular rivals barred from standing and state institutions in loyalists' hands, the 55-year-old former bus driver is expected to win despite his unpopularity.

That could trigger oil sanctions from the U.S. government, and more censure from the European Union and Latin America.

The self-described "son" of Hugo Chavez says he is battling an "imperialist" plot to crush socialism and take over the OPEC nation's oil wealth. But opponents say the leftist leader has destroyed Venezuela's once-wealthy economy and ruthlessly crushed dissent.

Maduro's main challenger is former state governor Henri Falcon, who predicts an upset on the back of some polls showing him ahead and widespread fury among Venezuela's 30 million people at the collapse of their economy.

"I will free Venezuela from dictatorship!" Falcon, 56, vowed at his last rally. "Venezuelans want you to disappear, Maduro, you've done too much damage," he added, scattering fake $100 bills to symbolize his proposal for replacing the collapsed bolivar currency.

Most analysts believe, however, that Falcon has only a slim chance given anticipated abstention, the opposition split over his break with the boycott, the vote-winning power of state handouts, and Maduro's allies on the election board.

"These are not elections. They are a farce intended to keep Maduro in power without popular support," said Juan Pablo Guanipa, of the main opposition coalition, which is boycotting the vote.

Further hurting Falcon's chances by splitting the anti-Maduro vote is a third candidate, evangelical pastor Javier Bertucci, who has picked up quite a following on the campaign trail, not least thanks to his free soup handouts.

On the streets, many Venezuelans are disillusioned and angry over the election: They criticize Maduro for economic hardships and the opposition for its dysfunctional splits.

Reeling from a fifth year of recession, falling oil production and U.S. sanctions blocking new debt issues, Venezuela is seeing growing levels of malnutrition and hunger, hyperinflation, and mass emigration.

"If you give me victory, I will defeat the economic war," Maduro roared at his final campaign event, blaming opponents for the country's mess but giving no specifics of possible reforms to nearly two decades of state-led economic policies.

Given Venezuelans' despondency over the crisis, campaign rallies have been poorly attended compared with previous votes and the atmosphere has been the most lackluster in memory.

Pro-boycott activists were planning some scattered protests on Sunday, but authorities deployed 300,000 soldiers and policemen around the nation to protect voting stations.

Results are expected by late evening.

"I'm not voting. No one trusts the politicians. Both sides are useless, government and opposition," said bank worker Jhonny Castro, 36, in central Barquisimeto city.

"People are resigned, you hardly see any election publicity. I ask around at work and among my friends, and for every five people, three or four won't vote."

Should Maduro win, he may choose to use the domestic political advantage to deepen a successful purge of critics within the ruling "Chavismo" movement.

Various high-profile figures, including former ministers under both him and Chavez, are in exile or jail.

Abroad, Maduro is likely to face an avalanche of western protests should he win, although Russia and China remain big allies and have been important financial backers.

With oil output at a 30-year low, foreign debtors looking to up the pressure, and multinationals departing or minimizing operations in Venezuela, Maduro will face a Herculean task to turn around the moribund economy.

With the mainstream opposition boycotting the election, two of his most popular rivals barred from standing and state institutions in loyalists' hands, the 55-year-old former bus driver is expected to win despite his unpopularity

Venezuelan President Nicolas Maduro is seeking a six-year term on Sunday in a vote condemned by foes as the "coronation" of a dictator and likely to bring fresh foreign sanctions. With the mainstream opposition boycotting the election, two of his most popular rivals barred from standing and state institutions in loyalists' hands, the 55-year-old former bus driver is expected to win despite his unpopularity. That could trigger oil sanctions from the U.S. government, and more censure from the European Union and Latin America. The self-described "son" of Hugo Chavez says he is battling an "imperialist" plot to crush socialism and take over the OPEC nation's oil wealth. But opponents say the leftist leader has destroyed Venezuela's once-wealthy economy and ruthlessly crushed dissent. Maduro's main challenger is former state governor Henri Falcon, who predicts an upset on the back of some polls showing him ahead and widespread fury among Venezuela's 30 million people at the collapse of their economy. "I will free Venezuela from dictatorship!" Falcon, 56, vowed at his last rally. "Venezuelans want you to disappear, Maduro, you've done too much damage," he added, scattering fake $100 bills to symbolize his proposal for replacing the collapsed bolivar currency. Most analysts believe, however, that Falcon has only a slim chance given anticipated abstention, the opposition split over his break with the boycott, the vote-winning power of state handouts, and Maduro's allies on the election board. "These are not elections. They are a farce intended to keep Maduro in power without popular support," said Juan Pablo Guanipa, of the main opposition coalition, which is boycotting the vote. Further hurting Falcon's chances by splitting the anti-Maduro vote is a third candidate, evangelical pastor Javier Bertucci, who has picked up quite a following on the campaign trail, not least thanks to his free soup handouts. On the streets, many Venezuelans are disillusioned and angry over the election: They criticize Maduro for economic hardships and the opposition for its dysfunctional splits. Reeling from a fifth year of recession, falling oil production and U.S. sanctions blocking new debt issues, Venezuela is seeing growing levels of malnutrition and hunger, hyperinflation, and mass emigration. "If you give me victory, I will defeat the economic war," Maduro roared at his final campaign event, blaming opponents for the country's mess but giving no specifics of possible reforms to nearly two decades of state-led economic policies. Given Venezuelans' despondency over the crisis, campaign rallies have been poorly attended compared with previous votes and the atmosphere has been the most lackluster in memory. Pro-boycott activists were planning some scattered protests on Sunday, but authorities deployed 300,000 soldiers and policemen around the nation to protect voting stations. Results are expected by late evening. "I'm not voting. No one trusts the politicians. Both sides are useless, government and opposition," said bank worker Jhonny Castro, 36, in central Barquisimeto city. "People are resigned, you hardly see any election publicity. I ask around at work and among my friends, and for every five people, three or four won't vote." Should Maduro win, he may choose to use the domestic political advantage to deepen a successful purge of critics within the ruling "Chavismo" movement. Various high-profile figures, including former ministers under both him and Chavez, are in exile or jail. Abroad, Maduro is likely to face an avalanche of western protests should he win, although Russia and China remain big allies and have been important financial backers. With oil output at a 30-year low, foreign debtors looking to up the pressure, and multinationals departing or minimizing operations in Venezuela, Maduro will face a Herculean task to turn around the moribund economy.

Defying global pressure, Maduro seeks re-election in Venezuela

A prison riot in northern Venezuela left at least 11 people dead, an NGO said Friday, days ahead of presidential elections in the crisis-hit country.

"There was an uprising resulting in 11 deaths, including two guards and nine prisoners," and 28 wounded on Thursday, Carlos Nieto, the director of prisoners' rights group A Window on Freedom, told AFP.

A group of inmates in the prison in the town of Irribarren snatched the gun from a guard, sparking a 20-minute shootout, the NGO said, quoting family members of the victims.

Some of the dead and wounded were shot or stabbed.

The riot came after 68 prisoners died in a fire in a police station's jail in the northern city of Valencia in March.

The fire was started by the detainees to force the guards to unlock the cells in a bid to escape.

Last month, five police officials were charged with homicide over the fire, one of the deadliest in Venezuela's long history of prison disasters.

The South American country's prisons suffer from dire overcrowding and a shortage of basic supplies, struggling under the deepening economic crisis that is gripping the once-wealthy oil-producing country.

Socialist President Nicolas Maduro is seeking a second six-year term in a controversial election on Sunday that is being boycotted by the opposition.

Maduro is the clear favorite, despite trailing in opinion polls to his main rival Henri Falcon, and a low approval rating among Venezuelans fed up with hyperinflation, food and medicine shortages, rising crime and broken water, power and transportation networks.

Some of the dead and wounded were shot or stabbed

A prison riot in northern Venezuela left at least 11 people dead, an NGO said Friday, days ahead of presidential elections in the crisis-hit country. "There was an uprising resulting in 11 deaths, including two guards and nine prisoners," and 28 wounded on Thursday, Carlos Nieto, the director of prisoners' rights group A Window on Freedom, told AFP. A group of inmates in the prison in the town of Irribarren snatched the gun from a guard, sparking a 20-minute shootout, the NGO said, quoting family members of the victims. Some of the dead and wounded were shot or stabbed. The riot came after 68 prisoners died in a fire in a police station's jail in the northern city of Valencia in March. The fire was started by the detainees to force the guards to unlock the cells in a bid to escape. Last month, five police officials were charged with homicide over the fire, one of the deadliest in Venezuela's long history of prison disasters. The South American country's prisons suffer from dire overcrowding and a shortage of basic supplies, struggling under the deepening economic crisis that is gripping the once-wealthy oil-producing country. Socialist President Nicolas Maduro is seeking a second six-year term in a controversial election on Sunday that is being boycotted by the opposition. Maduro is the clear favorite, despite trailing in opinion polls to his main rival Henri Falcon, and a low approval rating among Venezuelans fed up with hyperinflation, food and medicine shortages, rising crime and broken water, power and transportation networks.

Riot in Venezuela prison leaves 11 dead: Report

By: Natasha Ezrow*

All around the world, democracy is looking shaky. While consolidated democracies are struggling to stay healthy, many flawed ones have turned into outright authoritarian regimes – most notably Russia under Vladimir Putin and Turkey under Recep Tayyip Erdoğan. But the news isn’t all bad: On several continents over the last decade, longstanding dictators have resigned, lost elections, or been deposed.

But has their demise led to any kind of democratic reform? It’s a mixed picture to say the least. While a handful of promising cases deserve praise, only a few of the dictatorships that have fallen in recent years have given way to lasting, stable democracies.

The 2010s began with tremendous optimism for the future of global democracy, reaching an apogee with the Arab Spring protests in 2011.

Across the Middle East and North Africa, several dictators fell in a row: After Tunisia’s Zine El Abidine Ben Ali of Tunisia and Egypt’s Hosni Mubarak, Muammar Gaddafi of Libya was toppled in a civil war. Fighting also erupted in Yemen, leading to the eventual flight of longtime strongman Ali Abdullah Saleh.

It seemed for a moment that in one fell swoop, a clutch of countries were suddenly shaking off authoritarianism at last. But with the exception of Tunisia – whose situation is still somewhat fragile – none of them have developed into democracies.

Egypt’s brief spell under the elected Muslim Brotherhood came to an end in 2013, when a military intervention brought General Abdel Fatteh al-Sisi to power. He remains president today, legitimised by largely meaningless elections. Libya is still a weak state beset by instability and violence Yemen has slipped into devastating conflict and humanitarian crisis.

Though protests exploded throughout the Middle East, only modest reforms took place elsewhere. And in Syria, the Assad regime’s crackdown on the 2011 protests helped spark a nightmarish conflict that has torn the country apart.

Iraq and Afghanistan, meanwhile, saw a change in leadership with the elections that forced Nouri al-Maliki and Hamid Karzai out of power. But neither country’s democracy has notably improved. Afghanistan is still authoritarian and unstable, and in Iraq, Maliki is still very powerful behind the scenes.

Mixed bag

Latin America was home to a clutter of military dictatorships for decades, but since the mid-to-late 1980s, most of its countries have been flawed but functioning democracies.

The two notable holdouts were Venezuela under Hugo Chávez and Cuba under Fidel Castro – and in the last decade, the two have diverged considerably.

While Cuba has reformed a little under the rule of Fidel’s brother Raúl, who has now handed over to Miguel Díaz-Canal, Venezuela is falling apart under the dictatorial leadership of Chavez’s hand-picked successor, Nicolás Maduro. Other regimes in Latin America continue to hold free and fair elections, but struggle to uphold the rule of law.

In Asia, meanwhile, a few less-than-democratic countries have made strides towards reform, but most authoritarian regimes have stayed the same. Still, some reforms and resignations are noteworthy.

In the Caucasus, Armenia’s Serzh Sargsyan was recently forced to resign after mass protests against his rule. Almazbek Atambayev of Kyrgyzstan also stepped down after elections, the first peaceful handover of power in the country’s history.

In South-East Asia, most of the attention since 2015 has been on surprising events in Myanmar, when the military regime that ran the country for decades allowed open elections for the first time since 1990. Myanmar’s military government was oppressive even by authoritarian standards, so it was quite something to see it holding elections, releasing political prisoners and allowing more press freedom.

The regime’s leader, Thein Sein, stepped down to make way for Aung San Suu Kyi’s National League for Democracy.

But the democratic transformation was short-lived. The regime has continued to violate the human rights of its minority groups, most notably the Rohingya minority, and civil liberties and press freedoms are in serious jeopardy.

Turfed out

One place where things are looking up for democracy is Sub-Saharan Africa. The last decade has seen the overall standing of democracy in Africa improve. In the early 1980s, only five countries in Africa could be considered democratic: Botswana, Gambia, Mauritius, Senegal and Zimbabwe.

The end of the Cold War saw the expansion of elections and civil liberties. But more recent years has seen the fall or peaceful resignation of important authoritarian figures, many of them old men who had clung on to power for decades.

Yahya Jammeh of the Gambia eventually fled the country in 2017 after he lost the presidential elections to the opposition. Blaise Compaoré of Burkina Faso resigned after political protests broke out in 2014, following nearly three decades in power.

José Eduardo dos Santos of Angola resigned after nearly 40 years in power (though he remains influential in Angolan politics). All three countries have become slightly more democratic as a result.

But the biggest tree felled in Africa was undoubtedly Zimbabwe’s Robert Mugabe. In his capacity as president since 1980, Mugabe had become increasingly dictatorial and brutal, and his misguided leadership plunged the country into chaos.

When he unceremoniously fired his vice-president Emmerson Mnangagwa at the end of 2017, his previous backers in the military decided they had finally had enough. With parliamentary impeachment hearings in the offing, Mugabe eventually resigned, and new elections are scheduled for July 2018.

The bloodless Zimbabwean transition was a heartening spectacle, but there are nonetheless plenty of other countries to worry about. Hungary’s Viktor Orban is threatening to constrict his country’s democracy by clamping down on civil liberties, even as he wins landslide election victores.

China’s Xi Jinping recently orchestrated the removal of term limits, giving him the power to rule indefinitely. Thailand’s military is heading the most repressive government the country has seen in years. Still, while many countries have taken an authoritarian turn, others have made a success of their escape from dictatorship.

As recent events in Armenia attest, citizens the world over are becoming more involved in politics and taking their displeasure to the streets. And while it’s true that most dictators who fall are replaced by another dictator, there are enough examples to the contrary to give the defenders of democracy some hope.

*Natasha Ezrow is a&nbspSenior Lecturer, University of Essex

(This article was originally published on <a href="http://theconversation.com">The Conversation</a>. Read the <a href="https://theconversation.com/are-dictators-on-the-way-out-or-on-the-way-up-95128">original article</a>.)

(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

While a handful of promising cases deserve praise, only a few of the dictatorships that have fallen in recent years have given way to lasting, stable democracies

By: Natasha Ezrow* All around the world, democracy is looking shaky. While consolidated democracies are struggling to stay healthy, many flawed ones have turned into outright authoritarian regimes – most notably Russia under Vladimir Putin and Turkey under Recep Tayyip Erdoğan. But the news isn’t all bad: On several continents over the last decade, longstanding dictators have resigned, lost elections, or been deposed. But has their demise led to any kind of democratic reform? It’s a mixed picture to say the least. While a handful of promising cases deserve praise, only a few of the dictatorships that have fallen in recent years have given way to lasting, stable democracies. The 2010s began with tremendous optimism for the future of global democracy, reaching an apogee with the Arab Spring protests in 2011. Across the Middle East and North Africa, several dictators fell in a row: After Tunisia’s Zine El Abidine Ben Ali of Tunisia and Egypt’s Hosni Mubarak, Muammar Gaddafi of Libya was toppled in a civil war. Fighting also erupted in Yemen, leading to the eventual flight of longtime strongman Ali Abdullah Saleh. It seemed for a moment that in one fell swoop, a clutch of countries were suddenly shaking off authoritarianism at last. But with the exception of Tunisia – whose situation is still somewhat fragile – none of them have developed into democracies. Egypt’s brief spell under the elected Muslim Brotherhood came to an end in 2013, when a military intervention brought General Abdel Fatteh al-Sisi to power. He remains president today, legitimised by largely meaningless elections. Libya is still a weak state beset by instability and violence Yemen has slipped into devastating conflict and humanitarian crisis. Though protests exploded throughout the Middle East, only modest reforms took place elsewhere. And in Syria, the Assad regime’s crackdown on the 2011 protests helped spark a nightmarish conflict that has torn the country apart. Iraq and Afghanistan, meanwhile, saw a change in leadership with the elections that forced Nouri al-Maliki and Hamid Karzai out of power. But neither country’s democracy has notably improved. Afghanistan is still authoritarian and unstable, and in Iraq, Maliki is still very powerful behind the scenes. Mixed bag Latin America was home to a clutter of military dictatorships for decades, but since the mid-to-late 1980s, most of its countries have been flawed but functioning democracies. The two notable holdouts were Venezuela under Hugo Chávez and Cuba under Fidel Castro – and in the last decade, the two have diverged considerably. While Cuba has reformed a little under the rule of Fidel’s brother Raúl, who has now handed over to Miguel Díaz-Canal, Venezuela is falling apart under the dictatorial leadership of Chavez’s hand-picked successor, Nicolás Maduro. Other regimes in Latin America continue to hold free and fair elections, but struggle to uphold the rule of law. In Asia, meanwhile, a few less-than-democratic countries have made strides towards reform, but most authoritarian regimes have stayed the same. Still, some reforms and resignations are noteworthy. In the Caucasus, Armenia’s Serzh Sargsyan was recently forced to resign after mass protests against his rule. Almazbek Atambayev of Kyrgyzstan also stepped down after elections, the first peaceful handover of power in the country’s history. In South-East Asia, most of the attention since 2015 has been on surprising events in Myanmar, when the military regime that ran the country for decades allowed open elections for the first time since 1990. Myanmar’s military government was oppressive even by authoritarian standards, so it was quite something to see it holding elections, releasing political prisoners and allowing more press freedom. The regime’s leader, Thein Sein, stepped down to make way for Aung San Suu Kyi’s National League for Democracy. But the democratic transformation was short-lived. The regime has continued to violate the human rights of its minority groups, most notably the Rohingya minority, and civil liberties and press freedoms are in serious jeopardy. Turfed out One place where things are looking up for democracy is Sub-Saharan Africa. The last decade has seen the overall standing of democracy in Africa improve. In the early 1980s, only five countries in Africa could be considered democratic: Botswana, Gambia, Mauritius, Senegal and Zimbabwe. The end of the Cold War saw the expansion of elections and civil liberties. But more recent years has seen the fall or peaceful resignation of important authoritarian figures, many of them old men who had clung on to power for decades. Yahya Jammeh of the Gambia eventually fled the country in 2017 after he lost the presidential elections to the opposition. Blaise Compaoré of Burkina Faso resigned after political protests broke out in 2014, following nearly three decades in power. José Eduardo dos Santos of Angola resigned after nearly 40 years in power (though he remains influential in Angolan politics). All three countries have become slightly more democratic as a result. But the biggest tree felled in Africa was undoubtedly Zimbabwe’s Robert Mugabe. In his capacity as president since 1980, Mugabe had become increasingly dictatorial and brutal, and his misguided leadership plunged the country into chaos. When he unceremoniously fired his vice-president Emmerson Mnangagwa at the end of 2017, his previous backers in the military decided they had finally had enough. With parliamentary impeachment hearings in the offing, Mugabe eventually resigned, and new elections are scheduled for July 2018. The bloodless Zimbabwean transition was a heartening spectacle, but there are nonetheless plenty of other countries to worry about. Hungary’s Viktor Orban is threatening to constrict his country’s democracy by clamping down on civil liberties, even as he wins landslide election victores. China’s Xi Jinping recently orchestrated the removal of term limits, giving him the power to rule indefinitely. Thailand’s military is heading the most repressive government the country has seen in years. Still, while many countries have taken an authoritarian turn, others have made a success of their escape from dictatorship. As recent events in Armenia attest, citizens the world over are becoming more involved in politics and taking their displeasure to the streets. And while it’s true that most dictators who fall are replaced by another dictator, there are enough examples to the contrary to give the defenders of democracy some hope. *Natasha Ezrow is a&nbspSenior Lecturer, University of Essex (This article was originally published on The Conversation. Read the original article.) (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

Opinion: Are dictators on the way out or on the way up?

Venezuela on Sunday slammed comments by U.S. Secretary of State Mike Pompeo about the government of President Nicolas Maduro, denouncing "supremacist policies" and aggression by the "regime of Donald Trump."

In a speech on Friday, Pompeo said that "a dictator today in Venezuela cripples his economy and starves his people," and urged the State Department help to those who flee the crisis-stricken country.

"Mr. Pompeo shows false concern for the reality of Venezuela, while hiding the perverse effects of the unilateral coercive measures of his government," Venezuela's Foreign Ministry said in a statement, referring to financial sanctions levied against Venezuela by the Trump government.

It said Trump's government "has launched erratic maneuvers, typical of the arrogance and despair of imperialist politics, after having failed once and again in the face of the will of a free and independent people."

Close to 1 million people left Venezuela between 2015 and 2017, according to U.N. figures, to escape the rising incidence of malnutrition and preventable diseases as a result of the collapse of the country's socialist economic system.

Maduro blames the situation on U.S. sanctions and an "economic war" waged by the opposition. He is up for re-election on May 20 in a vote that is being boycotted by the opposition's main coalition, which calls it a sham.

Opposition politician Henri Falcon is breaking the boycott and will stand against Maduro.

In a speech on Friday, Pompeo said that 'a dictator today in Venezuela cripples his economy and starves his people,' and urged the State Department help to those who flee the crisis-stricken country.

Venezuela on Sunday slammed comments by U.S. Secretary of State Mike Pompeo about the government of President Nicolas Maduro, denouncing "supremacist policies" and aggression by the "regime of Donald Trump." In a speech on Friday, Pompeo said that "a dictator today in Venezuela cripples his economy and starves his people," and urged the State Department help to those who flee the crisis-stricken country. "Mr. Pompeo shows false concern for the reality of Venezuela, while hiding the perverse effects of the unilateral coercive measures of his government," Venezuela's Foreign Ministry said in a statement, referring to financial sanctions levied against Venezuela by the Trump government. It said Trump's government "has launched erratic maneuvers, typical of the arrogance and despair of imperialist politics, after having failed once and again in the face of the will of a free and independent people." Close to 1 million people left Venezuela between 2015 and 2017, according to U.N. figures, to escape the rising incidence of malnutrition and preventable diseases as a result of the collapse of the country's socialist economic system. Maduro blames the situation on U.S. sanctions and an "economic war" waged by the opposition. He is up for re-election on May 20 in a vote that is being boycotted by the opposition's main coalition, which calls it a sham. Opposition politician Henri Falcon is breaking the boycott and will stand against Maduro.

Venezuela slams 'supremacist policies' of Pompeo, Trump 'regime'

Key crude oil prices rose by 1 percent to their highest levels since late-2014 on Monday, pushed up by a deepening economic crisis in Venezuela and a looming decision on whether the United States will re-impose sanctions against Iran.

Brent crude oil futures were at $75.57 per barrel at 0650 GMT, up 70 cents, or 0.9 percent, from their last close. Earlier in the session, they touched their highest since November 2014 at $75.89 a barrel.

US&nbsp;West Texas Intermediate (WTI) crude futures rose 70 cents, or 1 percent, to $70.42 per barrel. Monday was the first time since November 2014 that WTI had climbed above $70 per barrel.

Meanwhile, China’s Shanghai crude oil futures, launched in March, broke their dollar-converted record-high of $71.32 per barrel by rising as far as $72.54 on Monday.

Open interest and traded volumes for Shanghai crude also hit a fresh record on Monday.

Analysts warned that the deepening economic crisis in major oil exporter Venezuela threatened to further crimp its production and exports.

Shannon Rivkin, investment director of Australia’s Rivkin Securities, said that oil prices had been driven up due to “growing concerns over the economic collapse of Venezuela and its oil industry, plus possible new sanctions against Iran from the Trump administration”.

US&nbsp;oil firm ConocoPhillips has moved to take key Caribbean assets of Venezuela’s state-run PDVSA to enforce a $2 billion arbitration award, actions that could further impair PDVSA’s declining oil production and exports.

Venezuela’s oil output has halved since the early 2000s to just 1.5 million barrels per day (bpd), as the South American country has failed to invest enough to maintain its petroleum industry.

Beyond Venezuela’s woes, Greg McKenna,&nbsp;chief&nbsp;market strategist at futures brokerage AxiTrader, said “the big story this week is going to be about oil and the Iran Nuclear deal”. Most market participants expect Trump to withdraw from the pact, he said.

Iran re-emerged as a major oil exporter in 2016 after international sanctions against it were lifted in return for curbs on Iran’s nuclear program.

Expressing doubts over Iran’s sincerity, Trump has threatened to walk away from the 2015 agreement by not extending sanctions waivers when they expire on May 12, which would likely result in a reduction of Iran’s oil exports.

Looming over markets, however, is surging U.S. output, which has soared by more than a quarter in the last two years, to 10.62 million bpd.

US&nbsp;output will likely rise further this year, towards or past Russia’s 11 million bpd, as its energy firms keep drilling for more.

US&nbsp;energy companies added nine oil rigs looking for new production in the week to May 4, bringing the total count to 834, the highest level since March 2015, energy services firm Baker Hughes said last Friday.

Analysts warned that the deepening economic crisis in major oil exporter Venezuela threatened to further crimp its production and exports.

Key crude oil prices rose by 1 percent to their highest levels since late-2014 on Monday, pushed up by a deepening economic crisis in Venezuela and a looming decision on whether the United States will re-impose sanctions against Iran. Brent crude oil futures were at $75.57 per barrel at 0650 GMT, up 70 cents, or 0.9 percent, from their last close. Earlier in the session, they touched their highest since November 2014 at $75.89 a barrel. US West Texas Intermediate (WTI) crude futures rose 70 cents, or 1 percent, to $70.42 per barrel. Monday was the first time since November 2014 that WTI had climbed above $70 per barrel. Meanwhile, China’s Shanghai crude oil futures, launched in March, broke their dollar-converted record-high of $71.32 per barrel by rising as far as $72.54 on Monday. Open interest and traded volumes for Shanghai crude also hit a fresh record on Monday. Analysts warned that the deepening economic crisis in major oil exporter Venezuela threatened to further crimp its production and exports. Shannon Rivkin, investment director of Australia’s Rivkin Securities, said that oil prices had been driven up due to “growing concerns over the economic collapse of Venezuela and its oil industry, plus possible new sanctions against Iran from the Trump administration”. US oil firm ConocoPhillips has moved to take key Caribbean assets of Venezuela’s state-run PDVSA to enforce a $2 billion arbitration award, actions that could further impair PDVSA’s declining oil production and exports. Venezuela’s oil output has halved since the early 2000s to just 1.5 million barrels per day (bpd), as the South American country has failed to invest enough to maintain its petroleum industry. Beyond Venezuela’s woes, Greg McKenna, chief market strategist at futures brokerage AxiTrader, said “the big story this week is going to be about oil and the Iran Nuclear deal”. Most market participants expect Trump to withdraw from the pact, he said. Iran re-emerged as a major oil exporter in 2016 after international sanctions against it were lifted in return for curbs on Iran’s nuclear program. Expressing doubts over Iran’s sincerity, Trump has threatened to walk away from the 2015 agreement by not extending sanctions waivers when they expire on May 12, which would likely result in a reduction of Iran’s oil exports. Looming over markets, however, is surging U.S. output, which has soared by more than a quarter in the last two years, to 10.62 million bpd. US output will likely rise further this year, towards or past Russia’s 11 million bpd, as its energy firms keep drilling for more. US energy companies added nine oil rigs looking for new production in the week to May 4, bringing the total count to 834, the highest level since March 2015, energy services firm Baker Hughes said last Friday.

Oil prices reach highest since November 2014 on Venezuela, Iran worries

President Nicolas Maduro scoffed at international criticism of Venezuela's upcoming May 20 vote in which he is seeking re-election and offered a prize for those who vote with a state-issued card.

Venezuela's mainstream opposition is boycotting the election on the grounds it is rigged in favour of the 55-year-old socialist incumbent. The United States, European Union and various Latin American neighbours have also slammed it as unfair.

"So they're not going to recognize Maduro around the world. What the hell do I care?" Maduro said at an election rally in La Guaira, on the coast outside Caracas, late on Wednesday. "What the hell do I care what Europe and Washington say?"

Maduro, who is casting his re-election campaign as a battle against imperialism, has only one serious rival: Henri Falcon, 56, a former state governor. Falcon has broken with the opposition coalition's boycott of the vote, believing anger at an economic crisis will win him votes.

OPEC member Venezuela is in the fifth year of punishing recession, inflation is the highest in the world, oil production is at a three-decade low, shortages of food and medicines are widespread, and millions are skipping meals.

Some polls show Falcon more popular than Maduro, who narrowly won election to replace Hugo Chavez in 2013.

But the opposition abstention campaign, the presence of Maduro loyalists in key institutions including the election board, and vote-winning power of state welfare programs like housing and food giveaways make a Falcon victory look a tall order.

In his speech, Maduro told supporters that all those who vote showing a government-issued "Fatherland Card," which is needed to access certain welfare programs, probably would receive "a really good prize."

He did not give details but critics say that, and other pre-election cash and other bonuses via the card, is akin to vote bribery. Voting in Venezuela is secret but state workers say they are constantly pressured to support the government.

Falcon, a former soldier, has been largely shunned by Venezuela's best-known opposition leaders but this week received the support of at least one high-profile leader, Enrique Marquez, who is vice president of A New Time party.

He also has been wooing twice-presidential candidate Henrique Capriles to join his campaign but without success so far. Capriles, and another popular opposition leader, Leopoldo Lopez, are both barred from standing in the election.

Maduro says Venezuela's election system is the cleanest in the world but even the official operator of the voting platform, UK-based Smartmatic, denounced fraud in an election last August. Little is known about the Argentine company that has replaced it for this month's election.

If Maduro does win re-election, attention will turn immediately to whether he plans to use the political breathing space to deepen an internal purge of rivals, and if the United States will carry out a threat to impose oil sanctions.

President Donald Trump's administration already has imposed some financial and individual sanctions on Maduro's government, accusing senior officials of rights abuses and corruption.

Venezuela's mainstream opposition is boycotting the election on the grounds it is rigged in favour of the 55-year-old socialist incumbent.

President Nicolas Maduro scoffed at international criticism of Venezuela's upcoming May 20 vote in which he is seeking re-election and offered a prize for those who vote with a state-issued card. Venezuela's mainstream opposition is boycotting the election on the grounds it is rigged in favour of the 55-year-old socialist incumbent. The United States, European Union and various Latin American neighbours have also slammed it as unfair. "So they're not going to recognize Maduro around the world. What the hell do I care?" Maduro said at an election rally in La Guaira, on the coast outside Caracas, late on Wednesday. "What the hell do I care what Europe and Washington say?" Maduro, who is casting his re-election campaign as a battle against imperialism, has only one serious rival: Henri Falcon, 56, a former state governor. Falcon has broken with the opposition coalition's boycott of the vote, believing anger at an economic crisis will win him votes. OPEC member Venezuela is in the fifth year of punishing recession, inflation is the highest in the world, oil production is at a three-decade low, shortages of food and medicines are widespread, and millions are skipping meals. Some polls show Falcon more popular than Maduro, who narrowly won election to replace Hugo Chavez in 2013. But the opposition abstention campaign, the presence of Maduro loyalists in key institutions including the election board, and vote-winning power of state welfare programs like housing and food giveaways make a Falcon victory look a tall order. In his speech, Maduro told supporters that all those who vote showing a government-issued "Fatherland Card," which is needed to access certain welfare programs, probably would receive "a really good prize." He did not give details but critics say that, and other pre-election cash and other bonuses via the card, is akin to vote bribery. Voting in Venezuela is secret but state workers say they are constantly pressured to support the government. Falcon, a former soldier, has been largely shunned by Venezuela's best-known opposition leaders but this week received the support of at least one high-profile leader, Enrique Marquez, who is vice president of A New Time party. He also has been wooing twice-presidential candidate Henrique Capriles to join his campaign but without success so far. Capriles, and another popular opposition leader, Leopoldo Lopez, are both barred from standing in the election. Maduro says Venezuela's election system is the cleanest in the world but even the official operator of the voting platform, UK-based Smartmatic, denounced fraud in an election last August. Little is known about the Argentine company that has replaced it for this month's election. If Maduro does win re-election, attention will turn immediately to whether he plans to use the political breathing space to deepen an internal purge of rivals, and if the United States will carry out a threat to impose oil sanctions. President Donald Trump's administration already has imposed some financial and individual sanctions on Maduro's government, accusing senior officials of rights abuses and corruption.

Venezuela's Maduro defies foreign censure, offers 'prize' to voters

Oil&nbspprices rose on Thursday, supported by an expectation that the United States will re-impose sanctions against Iran, a decline in output in Venezuela and ongoing strong demand.

Brent crude&nbspoil&nbspfutures were at 74.42 per barrel at 0135 GMT, up 42 cents, or 0.6 percent, from their last close.

US&nbspWest Texas Intermediate (WTI) crude futures were up 33 cents, or 0.5 percent, at $68.38 per barrel.

Traders said markets rose on expectations that the United States will in May re-impose sanctions against Iran, a major&nbspoil&nbspproducer and member of the Organization of the Petroleum Exporting Countries (OPEC).

French President Emmanuel Macron said on Wednesday during a state visit to the United States that he expected Trump to pull out of a deal with Iran reached in 2015, in which Iran suspended its nuclear programme in return for western powers lifting crippling sanctions.

US&nbspPresident Donald Trump will decide by May 12 whether to restore U.S. sanctions on Tehran, which would likely result in a reduction of its&nbspoil&nbspexports.

Further pushing&nbspoil&nbspprices has been declining output in Venezuela, OPEC's biggest producer in Latin America.

Venezuela's crude production has fallen from almost 2.5 million barrels per day (bpd) in early 2016 to around 1.5 million bpd due to political and economic turmoil.

US&nbspoil&nbspmajor Chevron Corp has evacuated executives from Venezuela after two of its workers were imprisoned over a contract dispute with state-owned&nbspoil&nbspcompany PDVSA.

Venezuela's plunging output and looming US&nbspsanctions against Iran come against a backdrop of strong demand, especially in Asia, the world's biggest&nbspoil&nbspconsuming region.

However, not all market indicators point towards tighter supplies.

US&nbspcrude&nbspoil&nbspinventories rose by 2.2 million barrels in the week to April 20, to 429.74 million barrels. That's almost 10 million barrels above the five-year average.

US&nbspcrude production rose by 46,000 barrels per day (bpd) on the previous week, to 10.59 bpd. That's an increase of more than a quarter since mid-2016.

American crude&nbspoil&nbspoutput has overtaken that of top exporter Saudi Arabia. Only Russia currently produces more, at around 11 million bpd.

With U.S. output surging, some analysts warn that the 20-percent climb in Brent prices since February is starting to look overdone.

"The market does look a little&nbsptoppish," said Greg McKenna,&nbspchief&nbspmarket strategist at futures brokerage AxiTrader.

Brent crude oil futures were at 74.42 per barrel at 0135 GMT, up 42 cents, or 0.6 percent, from their last close.

Oil&nbspprices rose on Thursday, supported by an expectation that the United States will re-impose sanctions against Iran, a decline in output in Venezuela and ongoing strong demand. Brent crude&nbspoil&nbspfutures were at 74.42 per barrel at 0135 GMT, up 42 cents, or 0.6 percent, from their last close. US&nbspWest Texas Intermediate (WTI) crude futures were up 33 cents, or 0.5 percent, at $68.38 per barrel. Traders said markets rose on expectations that the United States will in May re-impose sanctions against Iran, a major&nbspoil&nbspproducer and member of the Organization of the Petroleum Exporting Countries (OPEC). French President Emmanuel Macron said on Wednesday during a state visit to the United States that he expected Trump to pull out of a deal with Iran reached in 2015, in which Iran suspended its nuclear programme in return for western powers lifting crippling sanctions. US&nbspPresident Donald Trump will decide by May 12 whether to restore U.S. sanctions on Tehran, which would likely result in a reduction of its&nbspoil&nbspexports. Further pushing&nbspoil&nbspprices has been declining output in Venezuela, OPEC's biggest producer in Latin America. Venezuela's crude production has fallen from almost 2.5 million barrels per day (bpd) in early 2016 to around 1.5 million bpd due to political and economic turmoil. US&nbspoil&nbspmajor Chevron Corp has evacuated executives from Venezuela after two of its workers were imprisoned over a contract dispute with state-owned&nbspoil&nbspcompany PDVSA. Venezuela's plunging output and looming US&nbspsanctions against Iran come against a backdrop of strong demand, especially in Asia, the world's biggest&nbspoil&nbspconsuming region. However, not all market indicators point towards tighter supplies. US&nbspcrude&nbspoil&nbspinventories rose by 2.2 million barrels in the week to April 20, to 429.74 million barrels. That's almost 10 million barrels above the five-year average. US&nbspcrude production rose by 46,000 barrels per day (bpd) on the previous week, to 10.59 bpd. That's an increase of more than a quarter since mid-2016. American crude&nbspoil&nbspoutput has overtaken that of top exporter Saudi Arabia. Only Russia currently produces more, at around 11 million bpd. With U.S. output surging, some analysts warn that the 20-percent climb in Brent prices since February is starting to look overdone. "The market does look a little&nbsptoppish," said Greg McKenna,&nbspchief&nbspmarket strategist at futures brokerage AxiTrader.

Oil prices rise on Iran sanctions worries, falling Venezuelan output

Panama on Thursday ordered Venezuela's ambassador out and recalled its own envoy to the country as Caracas imposed sanctions on senior Panamanian officials and suspended flights in an escalating diplomatic row.

At issue is Panama's alignment with other Latin American countries as well as the European Union, Canada and the United States that have taken measures against President Nicolas Maduro's and his government on the grounds that he is undemocratically tightening his hold on power.

"Panama's government has decided to withdraw its ambassador to the Bolivarian Republic of Venezuela, Miguel Mejia, and asks the Venezuelan government to withdraw its ambassador accredited to Panama, Jorge Duran Centeno," the Panamanian foreign ministry said in a statement.

The communique came hours after Venezuela's government news agency AVN announced sanctions on Panama's president and other officials, and on a number of Panamanian companies including its main airline Copa.

Venezuelan aviation authorities also announced that all Copa flights "to and from the country are suspended as of April 6, 2018 as a measure to protect the Venezuelan financial system."

The Venezuelan announcements followed a declaration by Panama this week that it had added President Nicolas Maduro to a list of individuals deemed a "high risk" in terms of money laundering.

Peru meanwhile told Maduro he is not welcome to attend a summit of leaders from across the Americas to be held in Lima next week.&nbsp

That gathering will include US President Donald Trump, who has branded Maduro a "dictator" and taken steps to reduce Venezuela's access to international credit.

Crisis gripping Venezuela

Venezuela is teetering on the brink of default despite sitting atop the biggest oil reserves in the world.&nbsp

Hyperinflation, scarcities of basic food and medicine, and skyrocketing violence are gripping the country, prompting a swelling exodus of its citizens that is increasingly concerning the United Nations.

According to AVN, the sanctions against the Panamanian individuals and companies will result in a suspension "for 90 days (of) economic and financial relations."

In terms of Copa, that could signal significant problems for Venezuela itself.

Panama is the nearest major airline hub to Venezuela, and Copa is the main airline used by passengers in and out of Caracas. Departures from the Venezuelan capital are often booked up weeks or months in advance.

A succession of international airlines have in the past couple of years ended their flights to Venezuela, including Delta, United, Aerolineas Argentinas and Avianca.

The few left flying include Air France, Spain's Iberia, American Airlines and Swiftair from the US, Cubana and Turkish Airlines.

Humberto Figuera, head of the Airlines Association of Venezuela, old AFP ahead of the Copa suspension announcement that such a moved would be "really serious."

"Copa has 35 weekly flights. Venezuela would find itself more isolated, as Copa is an airline with the most connections to destinations on the American continent," he said.

Tit-for-tat sanctions

According to AVN, among the individuals singled out for the Venezuelan sanctions were Panamanian President Juan Carlos Varela, his vice president, Isabel de Saint Malo, and the minister for the presidency and the minister for the government.

The state news agency said Venezuelan prosecutors called for the sanctions were because of the alleged "recurrent use of the Panamanian financial system by Venezuelan nationals to move money and assets derived from crime against the nation's wealth."

It said such transactions were made possible by the "obscurity" of Panama's financial system.&nbsp

The ability for wealthy people to stash assets through Panamanian companies and law firms has been highlighted in the past couple of years through the "Panama Papers" and "Paradise Papers" scandals.

Under intense international pressure, Panama has recently made moves to bring improved transparency to its financial sector.

The Central American country has at the same time faced pressure from the United States and other Latin American nations to take measures against Maduro and his government.

On Tuesday, De Saint Malo, who is also Panama's foreign minister, announced that the Venezuelan president had been added to a national list of individuals seen as being a "high risk" for money laundering.

She said the move brought the country into line with the European Union, Canada and the United States, which also have hit Maduro and his officials with sanctions.

Venezuela's Supreme Court has called those lists "grotesque" and an assault on the South American country's sovereignty.

Other Venezuelan officials put on Panama's "high risk" list last week include the head of Maduro's Socialist Party, the chief justice of Venezuela's Supreme Court, the head of the electoral council, the chief national prosecutor, and the ministers for education and for culture.

Panama on Thursday ordered Venezuela's ambassador out and recalled its own envoy to the country as Caracas imposed sanctions on senior Panamanian officials and suspended flights in an escalating diplomatic row

Panama on Thursday ordered Venezuela's ambassador out and recalled its own envoy to the country as Caracas imposed sanctions on senior Panamanian officials and suspended flights in an escalating diplomatic row. At issue is Panama's alignment with other Latin American countries as well as the European Union, Canada and the United States that have taken measures against President Nicolas Maduro's and his government on the grounds that he is undemocratically tightening his hold on power. "Panama's government has decided to withdraw its ambassador to the Bolivarian Republic of Venezuela, Miguel Mejia, and asks the Venezuelan government to withdraw its ambassador accredited to Panama, Jorge Duran Centeno," the Panamanian foreign ministry said in a statement. The communique came hours after Venezuela's government news agency AVN announced sanctions on Panama's president and other officials, and on a number of Panamanian companies including its main airline Copa. Venezuelan aviation authorities also announced that all Copa flights "to and from the country are suspended as of April 6, 2018 as a measure to protect the Venezuelan financial system." The Venezuelan announcements followed a declaration by Panama this week that it had added President Nicolas Maduro to a list of individuals deemed a "high risk" in terms of money laundering. Peru meanwhile told Maduro he is not welcome to attend a summit of leaders from across the Americas to be held in Lima next week. That gathering will include US President Donald Trump, who has branded Maduro a "dictator" and taken steps to reduce Venezuela's access to international credit. Crisis gripping Venezuela Venezuela is teetering on the brink of default despite sitting atop the biggest oil reserves in the world. Hyperinflation, scarcities of basic food and medicine, and skyrocketing violence are gripping the country, prompting a swelling exodus of its citizens that is increasingly concerning the United Nations. According to AVN, the sanctions against the Panamanian individuals and companies will result in a suspension "for 90 days (of) economic and financial relations." In terms of Copa, that could signal significant problems for Venezuela itself. Panama is the nearest major airline hub to Venezuela, and Copa is the main airline used by passengers in and out of Caracas. Departures from the Venezuelan capital are often booked up weeks or months in advance. A succession of international airlines have in the past couple of years ended their flights to Venezuela, including Delta, United, Aerolineas Argentinas and Avianca. The few left flying include Air France, Spain's Iberia, American Airlines and Swiftair from the US, Cubana and Turkish Airlines. Humberto Figuera, head of the Airlines Association of Venezuela, old AFP ahead of the Copa suspension announcement that such a moved would be "really serious." "Copa has 35 weekly flights. Venezuela would find itself more isolated, as Copa is an airline with the most connections to destinations on the American continent," he said. Tit-for-tat sanctions According to AVN, among the individuals singled out for the Venezuelan sanctions were Panamanian President Juan Carlos Varela, his vice president, Isabel de Saint Malo, and the minister for the presidency and the minister for the government. The state news agency said Venezuelan prosecutors called for the sanctions were because of the alleged "recurrent use of the Panamanian financial system by Venezuelan nationals to move money and assets derived from crime against the nation's wealth." It said such transactions were made possible by the "obscurity" of Panama's financial system. The ability for wealthy people to stash assets through Panamanian companies and law firms has been highlighted in the past couple of years through the "Panama Papers" and "Paradise Papers" scandals. Under intense international pressure, Panama has recently made moves to bring improved transparency to its financial sector. The Central American country has at the same time faced pressure from the United States and other Latin American nations to take measures against Maduro and his government. On Tuesday, De Saint Malo, who is also Panama's foreign minister, announced that the Venezuelan president had been added to a national list of individuals seen as being a "high risk" for money laundering. She said the move brought the country into line with the European Union, Canada and the United States, which also have hit Maduro and his officials with sanctions. Venezuela's Supreme Court has called those lists "grotesque" and an assault on the South American country's sovereignty. Other Venezuelan officials put on Panama's "high risk" list last week include the head of Maduro's Socialist Party, the chief justice of Venezuela's Supreme Court, the head of the electoral council, the chief national prosecutor, and the ministers for education and for culture.

Panama orders Venezuela envoy out, Caracas suspends flights

Venezuela arrested five state police officials for their alleged role in a riot and fire that killed 68 people in an overcrowded police station cell, the country's public prosecutor said on Saturday.

"The prosecutor's office has issued arrest warrants for five officials of PoliCarabobo who have been signaled as responsible for the tragic incident that led to the death of 68 citizens in the cells of the headquarters of said regional police: THEY HAVE BEEN DETAINED #Justice," tweeted prosecutor Tarek Saab.

Saab, a former Socialist Party governor close to leftist President Nicolas Maduro, did not provide any further details on the cause of the disaster, the worst to affect Venezuela's notoriously violent jails in over two decades.

Relatives of dead inmates and one surviving prisoner told Reuters there was a shoot-out with police on Wednesday morning in the jail in Carabobo state capital Valencia.

One inmate's widow said officials had doused the area with gasoline, which fueled a fire through the small cells strung with hammocks and divided with sheets.

There was no immediate comment from Carabobo state police.

Venezuela's opposition blames the tragedy on Maduro's inability to reform Venezuela's lawless jails, where inmates strut around with weapons and orchestrate crimes from cells.

"The situation in detention centers and police jail cells in Venezuela is unacceptable!" said opposition lawmaker Miguel Pizarro. Opposition politicians have also criticized the government for its long silence about the incident. Maduro's administration only issued a statement late on Friday night expressing its condolences to relatives and the president has yet to publicly speak about the deaths.

A former bus driver and union leader who has grown widely unpopular, Maduro is running for re-election in a May election largely boycotted by the opposition.

With heavy use of state resources and a compliant electoral council, he is expected to win a six-year term despite salary-destroying hyperinflation, a fifth straight year of recession, and rampant crime.

State television focused on showing images of Venezuelans on the beach during the Easter holiday, while Maduro's ministers also largely remained mum on the Valencia disaster.

But Delcy Rodriguez, the president of thepro-government legislative superbody known as the constituent assembly, struck back at criticism of the government's handling of the jail fire. "We repudiate the use of Venezuelans' pain as a political tool," tweeted Rodriguez.

The police officials were arrested for their alleged role in a riot and fire that killed 68 people in an overcrowded police station cell

Venezuela arrested five state police officials for their alleged role in a riot and fire that killed 68 people in an overcrowded police station cell, the country's public prosecutor said on Saturday. "The prosecutor's office has issued arrest warrants for five officials of PoliCarabobo who have been signaled as responsible for the tragic incident that led to the death of 68 citizens in the cells of the headquarters of said regional police: THEY HAVE BEEN DETAINED #Justice," tweeted prosecutor Tarek Saab. Saab, a former Socialist Party governor close to leftist President Nicolas Maduro, did not provide any further details on the cause of the disaster, the worst to affect Venezuela's notoriously violent jails in over two decades. Relatives of dead inmates and one surviving prisoner told Reuters there was a shoot-out with police on Wednesday morning in the jail in Carabobo state capital Valencia. One inmate's widow said officials had doused the area with gasoline, which fueled a fire through the small cells strung with hammocks and divided with sheets. There was no immediate comment from Carabobo state police. Venezuela's opposition blames the tragedy on Maduro's inability to reform Venezuela's lawless jails, where inmates strut around with weapons and orchestrate crimes from cells. "The situation in detention centers and police jail cells in Venezuela is unacceptable!" said opposition lawmaker Miguel Pizarro. Opposition politicians have also criticized the government for its long silence about the incident. Maduro's administration only issued a statement late on Friday night expressing its condolences to relatives and the president has yet to publicly speak about the deaths. A former bus driver and union leader who has grown widely unpopular, Maduro is running for re-election in a May election largely boycotted by the opposition. With heavy use of state resources and a compliant electoral council, he is expected to win a six-year term despite salary-destroying hyperinflation, a fifth straight year of recession, and rampant crime. State television focused on showing images of Venezuelans on the beach during the Easter holiday, while Maduro's ministers also largely remained mum on the Valencia disaster. But Delcy Rodriguez, the president of thepro-government legislative superbody known as the constituent assembly, struck back at criticism of the government's handling of the jail fire. "We repudiate the use of Venezuelans' pain as a political tool," tweeted Rodriguez.

Venezuela arrests five police officials over deadly jail disaster

Venezuelan president Nicolas Maduro along with more than 50 Venezuelan nationals are considered "high risk" for laundering money and financing terrorism, according to an advisory issued by Panama's economy and finance ministry.&nbsp

Venezuelan Attorney General Tarek William Saab and electoral board president Tibisay Lucena were also named in the advisory along with Socialist Party No. 2 Diosdado Cabello, the elder brother of late president Hugo Chavez, and 16 firms in Venezuela.

The economy and finance ministry's National Commission Against Money Laundering released the list late on Thursday, following its initial announcement on Tuesday.&nbsp

Maduro's socialist government has repeatedly vowed to combat corruption that has plagued Venezuela and its oil industry for decades, contributing to its devastating economic collapse.&nbsp

But critics say the administration, despite making graft-related arrests, is still crippled by financial malfeasance.&nbsp

Millions of Venezuelans suffer from food and medicine shortages, and the currency has fallen 99.99 per cent against the US dollar on the black market since Maduro came to power in 2013.

Panama's advisory calls on financial and non-financial entities in the country to redouble efforts to prevent risk in any transaction involving the listed people and companies.&nbsp

"It's recommended... that they adopt policies and procedures of ample due diligence," says the document.&nbsp

In Caracas, Maduro`s government did not immediately respond to a request for comment.&nbsp

The United States has slammed Caracas with a wave of sanctions and other measures to pressure Maduro for change, and is considering adding broad oil sanctions that would target the linchpin of Venezuela's economy.&nbsp

Millions of Venezuelans suffer from food and medicine shortages, and the currency has fallen 99.99 per cent against the US dollar on the black market since Maduro came to power in 2013

Venezuelan president Nicolas Maduro along with more than 50 Venezuelan nationals are considered "high risk" for laundering money and financing terrorism, according to an advisory issued by Panama's economy and finance ministry. Venezuelan Attorney General Tarek William Saab and electoral board president Tibisay Lucena were also named in the advisory along with Socialist Party No. 2 Diosdado Cabello, the elder brother of late president Hugo Chavez, and 16 firms in Venezuela. The economy and finance ministry's National Commission Against Money Laundering released the list late on Thursday, following its initial announcement on Tuesday. Maduro's socialist government has repeatedly vowed to combat corruption that has plagued Venezuela and its oil industry for decades, contributing to its devastating economic collapse. But critics say the administration, despite making graft-related arrests, is still crippled by financial malfeasance. Millions of Venezuelans suffer from food and medicine shortages, and the currency has fallen 99.99 per cent against the US dollar on the black market since Maduro came to power in 2013. Panama's advisory calls on financial and non-financial entities in the country to redouble efforts to prevent risk in any transaction involving the listed people and companies. "It's recommended... that they adopt policies and procedures of ample due diligence," says the document. In Caracas, Maduro`s government did not immediately respond to a request for comment. The United States has slammed Caracas with a wave of sanctions and other measures to pressure Maduro for change, and is considering adding broad oil sanctions that would target the linchpin of Venezuela's economy.

Venezuela president lands on Panama's 'high risk' money laundering list

A fire allegedly set during an attempted jailbreak from Venezuelan police holding cells killed 68 people on Wednesday, the country's top prosecutor and an inmates' rights group said.

The blaze at the detention facility in Carabobo state is the latest in a series of deadly incidents in Venezuela's overcrowded jails.

"In light of the terrible events that took place in the Carabobo state police headquarters, where 68 people died in a presumed fire, we have appointed four prosecutors... to clarify these dramatic events," chief prosecutor Tarek William Saab said on Twitter.

Carlos Nieto, head of Una Ventana a la Libertad (A Window on Freedom), said that "some burned to death and others asphyxiated" after setting fire to mattresses and stealing a guard's gun in an attempt to break out.

The dead included two women thought to have been visiting the jail at the time of the incident, Nieto said.

Rafael Lacava, the governor of Carabobo state, expressed his "consternation" over the events but did not provide a toll.

"A serious and profound investigation has been initiated to find the causes and those responsible for these regrettable events," he said on Twitter, expressing solidarity with relatives of those who died.

Relatives of those being kept in the detention centre tried to force their way into Carabobo state police headquarters. After one officer was injured by a stone, the crowd was dispersed by police firing tear gas.

A video posted on Twitter showed dozens of people demanding information in front of police guarding the site.

"I am a desperate mother. My son has been here a week. They have not given any information," Dora Blanco told local media.

Venezuela's prisons suffer from dire overcrowding and a shortage of basic supplies, struggling under the deepening economic crisis that is gripping the once-wealthy oil-producing country.

Because of the lack of space in penitentiaries, convicts are often sent to police holding cells like the ones in Carabobo, meant to be used as temporary pens for suspects facing charges or court hearings, where detainees are supposed to spend a maximum of 48 hours.

Nieto's association estimated that the temporary detention centres were overfilled by five times their capacity.

"All the police stations in Venezuela are facing similar or worse conditions of overcrowding, lack of food and disease," he said.

The association said 65 people died last year in the holding cells due to violence, malnutrition or tuberculosis.

Two weeks ago, 58 detainees escaped holding cells on Margarita Island, a favoured tourist spot, when a hole opened up in their facility's wall. They were all soon recaptured.

In August 2017, a riot left 37 dead and 14 wounded in police cells in the southern state of Amazonas, while an April 2017 clash between rival gangs left 12 dead and 11 injured in the Puente Ayala prison in the eastern city of Barcelona.

A month before that, the remains of 14 people were found in a mass grave in the General Penitentiary of Venezuela, in San Juan de Los Morros in the country's centre.

The dead included two women thought to have been visiting the jail at the time of the incident

A fire allegedly set during an attempted jailbreak from Venezuelan police holding cells killed 68 people on Wednesday, the country's top prosecutor and an inmates' rights group said. The blaze at the detention facility in Carabobo state is the latest in a series of deadly incidents in Venezuela's overcrowded jails. "In light of the terrible events that took place in the Carabobo state police headquarters, where 68 people died in a presumed fire, we have appointed four prosecutors... to clarify these dramatic events," chief prosecutor Tarek William Saab said on Twitter. Carlos Nieto, head of Una Ventana a la Libertad (A Window on Freedom), said that "some burned to death and others asphyxiated" after setting fire to mattresses and stealing a guard's gun in an attempt to break out. The dead included two women thought to have been visiting the jail at the time of the incident, Nieto said. Rafael Lacava, the governor of Carabobo state, expressed his "consternation" over the events but did not provide a toll. "A serious and profound investigation has been initiated to find the causes and those responsible for these regrettable events," he said on Twitter, expressing solidarity with relatives of those who died. Relatives of those being kept in the detention centre tried to force their way into Carabobo state police headquarters. After one officer was injured by a stone, the crowd was dispersed by police firing tear gas. A video posted on Twitter showed dozens of people demanding information in front of police guarding the site. "I am a desperate mother. My son has been here a week. They have not given any information," Dora Blanco told local media. Venezuela's prisons suffer from dire overcrowding and a shortage of basic supplies, struggling under the deepening economic crisis that is gripping the once-wealthy oil-producing country. Because of the lack of space in penitentiaries, convicts are often sent to police holding cells like the ones in Carabobo, meant to be used as temporary pens for suspects facing charges or court hearings, where detainees are supposed to spend a maximum of 48 hours. Nieto's association estimated that the temporary detention centres were overfilled by five times their capacity. "All the police stations in Venezuela are facing similar or worse conditions of overcrowding, lack of food and disease," he said. The association said 65 people died last year in the holding cells due to violence, malnutrition or tuberculosis. Two weeks ago, 58 detainees escaped holding cells on Margarita Island, a favoured tourist spot, when a hole opened up in their facility's wall. They were all soon recaptured. In August 2017, a riot left 37 dead and 14 wounded in police cells in the southern state of Amazonas, while an April 2017 clash between rival gangs left 12 dead and 11 injured in the Puente Ayala prison in the eastern city of Barcelona. A month before that, the remains of 14 people were found in a mass grave in the General Penitentiary of Venezuela, in San Juan de Los Morros in the country's centre.

Venezuela jailbreak attempt sparks fire, 68 dead

Indian imports of oil from&nbsp;Venezuela&nbsp;have fallen to their lowest levels in over half a decade, shipping and industry data showed, as a severe economic and political crisis hits crude output in the South American OPEC member.

India&#39;s oil imports from&nbsp;Venezuela&nbsp;averaged around 300,000 barrels per day (bpd) between November, 2017 and February, 2018, a drop of about 20 per cent from the same period a year earlier and the lowest such level since 2012, according to data from shipping sources and industry.

The sources declined to be identified as they were not authorised to speak with media.

Venezuela&#39;s oil production plunged to the lowest in decades last year, with the country racked by quadruple-digit inflation, a lack of hard currency and a crippling recession.

The five-year average of&nbsp;Venezuelan crude oil to India is around 440,000 bpd, the shipping and industry data showed.

India&#39;s oil supplies continue to be dominated by Middle East members from the Organization of Petroleum Exporting Countries (OPEC), with Iraq and Saudi Arabia prominent.

Key for&nbsp;Venezuela&#39;s drop-off in shipments to India are supply obligations to other countries which, amid its overall declining output, leave fewer cargoes available for sale elsewhere.

&quot;Venezuela&nbsp;is obliged to supply barrels to China and Russia to pay back debts, so not too much is left for others, mainly India,&quot; said Ehsan Ul-Haq, director of crude oil and refined products at consultancy Resource Economist.

The sharp&nbsp;Venezuelan declines to India mark a turn-around of a previous trend.

Venezuelan oil shipments to India surged from May, 2012, when supplies from Iran hit insurance and banking hurdles caused by western sanctions against Tehran&#39;s nuclear programme.

However, New Delhi boosted purchases from Tehran after the lifting of sanctions in 2016, while a destructive cocktail of insufficient investments, payment delays to suppliers, potential U.S. sanctions and a brain drain have hammered&nbsp;Venezuela&#39;s oil industry.

&quot;Why should India buy oil from a country which is too far (away)?... Plenty of oil is easily available from nearby nations like Iraq and Iran,&quot; said Haq.

India's oil imports from Venezuela averaged around 300,000 barrels per day between November, 2017 and February, 2018

Indian imports of oil from Venezuela have fallen to their lowest levels in over half a decade, shipping and industry data showed, as a severe economic and political crisis hits crude output in the South American OPEC member. India's oil imports from Venezuela averaged around 300,000 barrels per day (bpd) between November, 2017 and February, 2018, a drop of about 20 per cent from the same period a year earlier and the lowest such level since 2012, according to data from shipping sources and industry. The sources declined to be identified as they were not authorised to speak with media. Venezuela's oil production plunged to the lowest in decades last year, with the country racked by quadruple-digit inflation, a lack of hard currency and a crippling recession. The five-year average of Venezuelan crude oil to India is around 440,000 bpd, the shipping and industry data showed. India's oil supplies continue to be dominated by Middle East members from the Organization of Petroleum Exporting Countries (OPEC), with Iraq and Saudi Arabia prominent. Key for Venezuela's drop-off in shipments to India are supply obligations to other countries which, amid its overall declining output, leave fewer cargoes available for sale elsewhere. "Venezuela is obliged to supply barrels to China and Russia to pay back debts, so not too much is left for others, mainly India," said Ehsan Ul-Haq, director of crude oil and refined products at consultancy Resource Economist. The sharp Venezuelan declines to India mark a turn-around of a previous trend. Venezuelan oil shipments to India surged from May, 2012, when supplies from Iran hit insurance and banking hurdles caused by western sanctions against Tehran's nuclear programme. However, New Delhi boosted purchases from Tehran after the lifting of sanctions in 2016, while a destructive cocktail of insufficient investments, payment delays to suppliers, potential U.S. sanctions and a brain drain have hammered Venezuela's oil industry. "Why should India buy oil from a country which is too far (away)?... Plenty of oil is easily available from nearby nations like Iraq and Iran," said Haq.

India's oil imports from Venezuela hit lowest in over five years

Venezuela&#39;s election board said on Thursday it was postponing an upcoming presidential vote from April 22 to the second half of May following an agreement between the government and some opposition parties.

Presidential elections in Venezuela are normally held at the end of the year, and critics had accused authorities of moving the vote forward to wrongfoot the opposition and benefit President Nicolas Maduro&#39;s re-election bid.

The leading opposition coalition is boycotting the poll, but one presidential hopeful, Henri Falcon, has already launched his candidacy.

Falcon, a 56-year-old former state governor, believes he can win by taking advantage of widespread dissatisfaction with the ruling socialists over Venezuela&#39;s dire economic crisis.&nbsp;

But Maduro&#39;s two strongest opposition rivals are both barred from standing.

The United States is also considering imposing sanctions against Maduro&#39;s government due to what it says are unfair conditions for the presidential vote. 
&nbsp;

The United States is also considering imposing sanctions against Maduro's government

Venezuela's election board said on Thursday it was postponing an upcoming presidential vote from April 22 to the second half of May following an agreement between the government and some opposition parties. Presidential elections in Venezuela are normally held at the end of the year, and critics had accused authorities of moving the vote forward to wrongfoot the opposition and benefit President Nicolas Maduro's re-election bid. The leading opposition coalition is boycotting the poll, but one presidential hopeful, Henri Falcon, has already launched his candidacy. Falcon, a 56-year-old former state governor, believes he can win by taking advantage of widespread dissatisfaction with the ruling socialists over Venezuela's dire economic crisis. But Maduro's two strongest opposition rivals are both barred from standing. The United States is also considering imposing sanctions against Maduro's government due to what it says are unfair conditions for the presidential vote.

Venezuela postpones presidential election to late May

A man known as the &quot;Big Bad Wolf&quot; in Colombia for allegedly sexually abusing 274 children and selling videos, has been captured in Venezuela, a report said on Sunday.

The suspect, Juan Carlos Sanchez, 37, has been arrested in neighbouring Venezuela after being on the lam for years, Semana magazine reported.

Sanchez, believed to have been detained a few weeks ago, is awaiting extradition.

The suspect was previously detained in 2008 for suspected sex with a 14-year-old but was later released.&nbsp;

The suspect, Juan Carlos Sanchez, 37, was arrested in neighbouring Venezuela

A man known as the "Big Bad Wolf" in Colombia for allegedly sexually abusing 274 children and selling videos, has been captured in Venezuela, a report said on Sunday. The suspect, Juan Carlos Sanchez, 37, has been arrested in neighbouring Venezuela after being on the lam for years, Semana magazine reported. Sanchez, believed to have been detained a few weeks ago, is awaiting extradition. The suspect was previously detained in 2008 for suspected sex with a 14-year-old but was later released.

Colombia nabs alleged serial child sex abuser: Report

Venezuela&#39;s electoral council has set April 22 as the date for a controversial presidential election, which the opposition accuses President Nicolas Maduro of using to engineer a second term for himself.

The head of the National Electoral Council, Tibisay Lucena, made the announcement today after talks broke down between the government and opposition on setting a date for the polls.

With the opposition coalition barred from fielding a candidate and several top Maduro critics banned, the deeply unpopular leftist president&#39;s opponents accuse him of rigging the snap vote before it is even held.

Venezuela was not due to hold a presidential election until December.

But the Constituent Assembly -- an all-powerful legislature stacked with Maduro loyalists -- announced last month the date would be brought forward.

It comes at a time when the opposition is reeling from Maduro&#39;s attacks and its own internal divisions.

Its umbrella coalition, the Democratic Unity Roundtable (MUD), tried to negotiate a later date in talks with government officials in the Dominican Republic.

But the dialogue broke down today, with Maduro refusing to budge from a draft deal on early elections that the opposition called unacceptable.

&quot;We implore the government not to commit the absurd mistake of calling elections unilaterally,&quot; tweeted opposition delegate Julio Borges.

The Supreme Court, which critics say systematically bows to Maduro, has barred the MUD from fielding a candidate under its banner, and banned several prominent opposition figures from participating.

The election will be held against a backdrop of economic and political crisis.&nbsp;

The head of the National Electoral Council, Tibisay Lucena, made the announcement today after talks broke down between the government and opposition on setting a date for the polls

Venezuela's electoral council has set April 22 as the date for a controversial presidential election, which the opposition accuses President Nicolas Maduro of using to engineer a second term for himself. The head of the National Electoral Council, Tibisay Lucena, made the announcement today after talks broke down between the government and opposition on setting a date for the polls. With the opposition coalition barred from fielding a candidate and several top Maduro critics banned, the deeply unpopular leftist president's opponents accuse him of rigging the snap vote before it is even held. Venezuela was not due to hold a presidential election until December. But the Constituent Assembly -- an all-powerful legislature stacked with Maduro loyalists -- announced last month the date would be brought forward. It comes at a time when the opposition is reeling from Maduro's attacks and its own internal divisions. Its umbrella coalition, the Democratic Unity Roundtable (MUD), tried to negotiate a later date in talks with government officials in the Dominican Republic. But the dialogue broke down today, with Maduro refusing to budge from a draft deal on early elections that the opposition called unacceptable. "We implore the government not to commit the absurd mistake of calling elections unilaterally," tweeted opposition delegate Julio Borges. The Supreme Court, which critics say systematically bows to Maduro, has barred the MUD from fielding a candidate under its banner, and banned several prominent opposition figures from participating. The election will be held against a backdrop of economic and political crisis.

Venezuela presidential vote set for April 22

Talks between Venezuela&#39;s government and the country&#39;s political opposition are advancing, though no concrete agreement has yet been made, according to spokespeople from each side.

Few are expecting much from the talks, which are being held in the Dominican Republic. The government and the opposition have been in on-off talks for years to reach an agreement to ease the deep political and economic crisis in the oil-rich country.

Jorge Rodriguez, Venezuela&#39;s communications minister, said in a statement to the press on Wednesday that a &quot;pre-agreement&quot; had been signed, but gave no further details.

&quot;Today is a day for joy, despite being long and arduous,&quot; he said.

However, former opposition-led National Assembly president Julio Borges denied that a pre-deal had been signed.

&quot;There are areas in which we have advanced and very important areas in which we have not advanced,&quot; said Borges.

Both delegations will now return to Caracas for consultations, before resuming talks at an unspecified date in the Dominican Republic.

Presidential elections are scheduled to take place before April 30, a decision that has been rejected by the opposition.

Jorge Rodriguez, Venezuela's communications minister, said in a statement to the press on Wednesday that a "pre-agreement" had been signed, but gave no further details

Talks between Venezuela's government and the country's political opposition are advancing, though no concrete agreement has yet been made, according to spokespeople from each side. Few are expecting much from the talks, which are being held in the Dominican Republic. The government and the opposition have been in on-off talks for years to reach an agreement to ease the deep political and economic crisis in the oil-rich country. Jorge Rodriguez, Venezuela's communications minister, said in a statement to the press on Wednesday that a "pre-agreement" had been signed, but gave no further details. "Today is a day for joy, despite being long and arduous," he said. However, former opposition-led National Assembly president Julio Borges denied that a pre-deal had been signed. "There are areas in which we have advanced and very important areas in which we have not advanced," said Borges. Both delegations will now return to Caracas for consultations, before resuming talks at an unspecified date in the Dominican Republic. Presidential elections are scheduled to take place before April 30, a decision that has been rejected by the opposition.

Venezuela government-opposition talks 'advance', no deal yet

<a href="http://www.wionews.com/india-news/indrani-mukerjea-accuses-husband-of-framing-her-in-daughter-sheena-boras-murder-24330">Peter involved in disappearance of my daughter Sheena, says Indrani</a>

In a new twist in the Sheena Bora murder case, Indrani Mukerjea claimed that her husband Peter Mukerjea is the man behind her daughter&#39;s death.

&nbsp;

<a href="http://www.wionews.com/world/venezuela-signs-debt-restructuring-deal-with-russia-gets-china-backing-24329">Venezuela signs debt restructuring deal with </a><a href="http://www.wionews.com/world/venezuela-signs-debt-restructuring-deal-with-russia-gets-china-backing-24329">Russia,</a><a href="http://www.wionews.com/world/venezuela-signs-debt-restructuring-deal-with-russia-gets-china-backing-24329"> gets China backing</a>

After being downgraded by rating agencies, Venezuela today signed up with creditors in Russia in a bid to restructure its debt crisis plaguing the country. 
&nbsp;

&nbsp;

<a href="http://www.wionews.com/world/us-aircraft-carriers-japanese-navy-conduct-joint-drill-amid-north-korea-tensions-24332">US aircraft carriers, Japanese navy conduct joint drill amid North Korea tensions</a>

Just three days after three US aircraft carriers carried out a drill with the South Korean forces, Japan and the United States launched another joint naval excercise in southern Japan.&nbsp;

&nbsp;

<a href="http://www.wionews.com/india-news/prasoon-joshi-denies-watching-padmavati-24331">I haven&#39;t expressed any views on &#39;Padmavati&#39;: Prasoon Joshi</a>

CBFC&nbsp;chairperson, Prasoon Joshi said that he has not watched the yet to be released movie, &quot;Padmavati&quot;.

&nbsp;

<a href="http://www.wionews.com/photos/da-vinci-sells-for-450mn-in-auction-record-christies-553">Da Vinci painting depicting Christ sells for $450 million in auction</a>

A 500-year-old work of art -- believed to be by Leonardo da Vinci and depicting Jesus Christ -- sold in New York on Wednesday for $450.3 million, smashing a new art auction record.

In a new twist in the Sheena Bora murder case, Indrani Mukerjea claimed that her husband Peter Mukerjea is the man behind her daughter's death.

Peter involved in disappearance of my daughter Sheena, says Indrani In a new twist in the Sheena Bora murder case, Indrani Mukerjea claimed that her husband Peter Mukerjea is the man behind her daughter's death. Venezuela signs debt restructuring deal with Russia, gets China backing After being downgraded by rating agencies, Venezuela today signed up with creditors in Russia in a bid to restructure its debt crisis plaguing the country. US aircraft carriers, Japanese navy conduct joint drill amid North Korea tensions Just three days after three US aircraft carriers carried out a drill with the South Korean forces, Japan and the United States launched another joint naval excercise in southern Japan. I haven't expressed any views on 'Padmavati': Prasoon Joshi CBFC chairperson, Prasoon Joshi said that he has not watched the yet to be released movie, "Padmavati". Da Vinci painting depicting Christ sells for $450 million in auction A 500-year-old work of art -- believed to be by Leonardo da Vinci and depicting Jesus Christ -- sold in New York on Wednesday for $450.3 million, smashing a new art auction record.

WION Morning News Brief, November 16, 2017

<a href="http://www.wionews.com/world/now-fitch-places-venezuela-on-selective-default-24263">After being downgraded by rating agencies</a>, Venezuela today signed up with creditors in Russia in a bid to restructure&nbsp;its debt crisis plaguing the country.

On Wednesday, Fitch ratings <a href="http://www.wionews.com/world/sp-declares-venezuela-in-selective-default-24168">agency had downgraded the cash-strapped</a> nation to &nbsp;&#39;RD&#39; (Restricted Default), just 24 hours after S&amp;P had downgraded the issue ratings on Venezuela&#39;s bond which it had failed to pay to D from CC and cut the country&rsquo;s long-term foreign currency sovereign credit rating to selective default, or SD, from CC.

Finance minister Simon Zerpa signed a deal with Russia for a $3.15 billion of debt taken out in 2011 to finance the purchase of Russian arms.

Under the agreement, Caracas will pay back its debts over 10 years, with &quot;minimal&quot; reimbursements for the first six years, Russia&#39;s foreign ministry said in a statement.

&quot;The reduction of the burden of debt... will allow the utilisation of funds to develop the country&#39;s economy, improve the debtor&#39;s solvency and increase the chances of all creditors recovering loans already made,&quot; according to the statement on the ministry&#39;s website.

&quot;These are very favourable terms that Venezuela can honour. This deal strengthens the relations between our two countries,&quot; Venezuelan vice president for the economy Wilmar Castro Soteldo told a press conference.

Communications Minister Jorge Rodriguez said Venezuela was already catching up on the payments.

&quot;Today, we have begun interest payments on Venezuela&#39;s foreign debt and last week, PDVSA made its debt interest payments,&quot; he said on state television.

&quot;We pay our debts, despite what the ratings agencies, the US Treasury, the European Union or US President Donald Trump says.&quot;

While China did not offer any debt relief, the foreign ministry&nbsp;issued a statement saying China&#39;s cooperation with Venezuela in all areas was &quot;proceeding normally&quot;.

Venezuela has been crippled under heavy US sanctions. The Trump administration had imposed more sanctions even as the country failed to pay creditors with US targeting Maduro government officials by freezing their assets and barring them from doing business with the US. &nbsp;

The US has imposed sanctions against more than 30 Venezuelan leaders, reports said.

The European Union had imposed arms embargo against the oil-rich nation as the state-controlled oil company PDVSA bonds went on a free fall last week.

Venezuela and PDVSA have around $60 billion in outstanding bonds, according to Thomson Reuters data, while private estimates put total foreign debt between $120 billion and $140 billion.

While China did not offer any debt relief, the foreign ministry's issued a statement saying China's cooperation with Venezuela in all areas was "proceeding normally"

After being downgraded by rating agencies, Venezuela today signed up with creditors in Russia in a bid to restructure its debt crisis plaguing the country. On Wednesday, Fitch ratings agency had downgraded the cash-strapped nation to 'RD' (Restricted Default), just 24 hours after S&P had downgraded the issue ratings on Venezuela's bond which it had failed to pay to D from CC and cut the country’s long-term foreign currency sovereign credit rating to selective default, or SD, from CC. Finance minister Simon Zerpa signed a deal with Russia for a $3.15 billion of debt taken out in 2011 to finance the purchase of Russian arms. Under the agreement, Caracas will pay back its debts over 10 years, with "minimal" reimbursements for the first six years, Russia's foreign ministry said in a statement. "The reduction of the burden of debt... will allow the utilisation of funds to develop the country's economy, improve the debtor's solvency and increase the chances of all creditors recovering loans already made," according to the statement on the ministry's website. "These are very favourable terms that Venezuela can honour. This deal strengthens the relations between our two countries," Venezuelan vice president for the economy Wilmar Castro Soteldo told a press conference. Communications Minister Jorge Rodriguez said Venezuela was already catching up on the payments. "Today, we have begun interest payments on Venezuela's foreign debt and last week, PDVSA made its debt interest payments," he said on state television. "We pay our debts, despite what the ratings agencies, the US Treasury, the European Union or US President Donald Trump says." While China did not offer any debt relief, the foreign ministry issued a statement saying China's cooperation with Venezuela in all areas was "proceeding normally". Venezuela has been crippled under heavy US sanctions. The Trump administration had imposed more sanctions even as the country failed to pay creditors with US targeting Maduro government officials by freezing their assets and barring them from doing business with the US. The US has imposed sanctions against more than 30 Venezuelan leaders, reports said. The European Union had imposed arms embargo against the oil-rich nation as the state-controlled oil company PDVSA bonds went on a free fall last week. Venezuela and PDVSA have around $60 billion in outstanding bonds, according to Thomson Reuters data, while private estimates put total foreign debt between $120 billion and $140 billion.

Venezuela signs debt restructuring deal with Russia, gets China backing

Venezuela, the South American country convulsed by economic and humanitarian catastrophe, has defaulted on some of its debt after missing an interest payment due in October.

Even as investors meet in Caracas to discuss restructuring US$60 billion in foreign debt, the country is in urgent need of international financial assistance.

Yet few nations are rushing in to offer financial assistance to the ailing country. Under the authoritarian regime of Nicol&aacute;s Maduro, Venezuela is isolated in Latin America, and the United States, Canada and the European Union have all imposed sanctions against Venezuelan officials. Maduro has at times suggested he would not even accept humanitarian aid.

Still, no indebted nation is totally alone in this world. As a financial analyst, I know there are always international players who see opportunity in the problems of others. And for Venezuela, my home country, all hope of a bailout rests with China, Russia and the International Monetary Fund.

Will they do anything to help?

Venezuela&rsquo;s debt: By the numbers

Before exploring a possible Venezuela rescue, it is useful to understand how the country&rsquo;s debt became such a burden.

In 1998, the year before the late Hugo Ch&aacute;vez came into power, Venezuela was rich. It produced roughly 60 barrels of oil per inhabitant per year.

By late 2017, my projections &ndash; based on data compiled from Venezuela&rsquo;s National Statistics Institute and BP&rsquo;s World Energy Report 2017 &ndash; show that production will have dropped to 20 barrels per capita. That&rsquo;s a 66 per cent drop in 20 years.

<div class="ui-state-default" contenteditable="false"><img alt="" draggable="false" src="http://s.wionews.com/photos/file-20171114-26426-4er2ac-20171115063417.png" />
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Oil output per capita in Venezuela has dropped significantly in the past several decades. Henkel Garcia/BP Statistical Review of World Energy 2017/National Statistics Institute (Others)
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Even as output steadily shrank, Ch&aacute;vez benefitted from relatively high oil prices, which allowed him to boost revenue from petroleum exports. And as oil sales rose, so did government expenditures, as well as imports of food and other goods.

Eventually, excess spending took a toll on Venezuela&rsquo;s international reserves. Rather than cut expenditures and imports, the Ch&aacute;vez regime piled up foreign debt.

<div class="ui-state-default" contenteditable="false"><img alt="" draggable="false" src="http://s.wionews.com/photos/file-20171114-26429-10u0f9q-20171115062643.png" />
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As exports (US$ per capita) rose, so too did government spending and imports. Banco Central de Venezuela, FRED (Federal Reserve Bank of St. Louis), National Statistics Institute and Econom&eacute;trica. (Others)
</div>
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Then, in late 2014, international oil prices began to plunge. Today, estimates indicate that Venezuela&rsquo;s public sector debt tops $184.5 billion, including $60 billion in foreign debt, though the Venezuelan Central Bank claims it&rsquo;s much lower.

<div class="ui-state-default" contenteditable="false"><img alt="" draggable="false" src="http://s.wionews.com/photos/file-20171114-26465-1ga8tcj-20171115062229.png" />
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Venezuela&rsquo;s foreign public debt, in US$ million, is at an all-time high. (Venezuelan Central Bank) (Others)
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To service this debt, the government must pay $16 billion to $20 billion a year through at least 2022. Shouldering that huge expense has meant slashing imports, causing food and medicine shortages. As a result, almost 54 per cent of Venezuelan children are malnourished.

To ensure its citizens&rsquo; basic well-being, Venezuela must be able to import, on average, $1,000 a year per inhabitant &ndash; or roughly $33 billion a year. My data show it&rsquo;s currently bringing in about half that.

No Chinese largess

As an oil producer, Venezuela&rsquo;s desperation rouses geopolitical interests.

Venezuela owes $28.1 billion to China and $9.1 billion to Russia, its main creditors. In recent years, both countries have been eager to prop up the Maduro regime, with little concern for its authoritarian tendencies.

China, at least publicly, has remained decidedly mum on Venezuela&rsquo;s political crisis. According to a spokesperson from the Chinese Ministry of Foreign Affairs in October, Beijing &ldquo;believe[s] that the government of this country is able to appropriately handle its domestic affairs within the law, maintaining stability and prosperity.&rdquo;

So far, though, Chinese financial institutions have not further opened their coffers. They have, however, granted Venezuela a grace period of at least 18 months to pay off the debt it owes them. This modest concession gives the government a bit of breathing room.

China has also allowed Venezuela to use shipments of crude to pay off some of its debt, revealing China&rsquo;s main interest in Venezuela: its oil.

But, in my view, Venezuela shouldn&rsquo;t count on Beijing for significant additional financial help. For China to issue new loans, insiders have told me, Maduro&rsquo;s government would have to show clear signs of fiscal discipline. Nothing indicates it is capable of that.

I believe a more likely next step is that Venezuela will bring in much-needed cash by selling off existing stakes in oil companies and resource-extraction ventures it co-owns with China.

Putin to the rescue?

Russia has been somewhat more generous with Venezuela, and its geopolitical interests here are clear.

The Kremlin benefits from having a trustworthy ally on this side of the world &ndash; especially one that is avowedly anti-U.S. and ranked as the 11th-largest oil producer worldwide.

Plus, Russia already has many oil interests in the country, including joint exploration projects with Petr&oacute;leos de Venezuela, the state-owned oil company.

Indeed, Russia and its state-funded oil venture, Rosneft, have already helped the country avoid default at least twice, providing Caracas with $10 billion in financial assistance. In an Oct. 29 New York Times article, oil expert Francisco Monaldi said Russia is &ldquo;the only country that can toss Venezuela a lifeline.&rdquo;

In my opinion, even its public declarations defending Venezuela&rsquo;s politics are more incisive than China&rsquo;s. Russia&rsquo;s Foreign Ministry has called international sanctions against Venezuela &ldquo;unacceptable.&rdquo;

Still, thus far, Russia has agreed only to restructure its bilateral debt with Venezuela. While the terms weren&rsquo;t disclosed, I don&rsquo;t believe anything like a real bailout is on offer.

Last resource

This could lead Venezuela to its last resort: the International Monetary Fund. In my opinion, this global lender would be the most appropriate source of a bailout.

Neither China nor Russia is willing or able to offer the huge sum Venezuela needs to stay afloat, at least $30 billion. Nor is any country likely to match the super-low 2 per cent interest rate that the IMF offers to emerging economies in crisis.

Bondholders typically look askance at this type of financial assistance. Countries receiving support from the IMF and other multilateral lenders are generally &ldquo;advised to renegotiate foreign debt,&rdquo; which can leave investors with empty pockets.

And today, Venezuela has no official relationship with the organisation. The Ch&aacute;vez administration loved to disparage the IMF, saying it should &ldquo;close down&rdquo; or &ldquo;vanish.&rdquo;

Even so, there are signs that the IMF is sketching out a possible rescue plan for the country. Bank officials have expressed concern with both Venezuela&rsquo;s humanitarian crisis and the possible spinoff effects of its economic collapse on other Latin American economies.

Since the multilateral organisation is unlikely to bail out the current regime &ndash; which has previously rebuked its possible intervention &ndash; the IMF probably hopes to work with some future transition government that&rsquo;s more democratic and open to international aid. If so, help may be a long time coming.

This article was originally published on <a href="http://theconversation.com" rel="nofollow" target="blank">The Conversation</a>. Read the <a href="https://theconversation.com/nobody-is-going-to-bail-out-venezuela-87428" rel="nofollow" target="blank">original article</a>.

China, Russia and the International Monetary Fund are among those contemplating a Venezuela bailout. But help for this debt-stricken nation seems far from assured.

Venezuela, the South American country convulsed by economic and humanitarian catastrophe, has defaulted on some of its debt after missing an interest payment due in October. Even as investors meet in Caracas to discuss restructuring US$60 billion in foreign debt, the country is in urgent need of international financial assistance. Yet few nations are rushing in to offer financial assistance to the ailing country. Under the authoritarian regime of Nicolás Maduro, Venezuela is isolated in Latin America, and the United States, Canada and the European Union have all imposed sanctions against Venezuelan officials. Maduro has at times suggested he would not even accept humanitarian aid. Still, no indebted nation is totally alone in this world. As a financial analyst, I know there are always international players who see opportunity in the problems of others. And for Venezuela, my home country, all hope of a bailout rests with China, Russia and the International Monetary Fund. Will they do anything to help? Venezuela’s debt: By the numbers Before exploring a possible Venezuela rescue, it is useful to understand how the country’s debt became such a burden. In 1998, the year before the late Hugo Chávez came into power, Venezuela was rich. It produced roughly 60 barrels of oil per inhabitant per year. By late 2017, my projections – based on data compiled from Venezuela’s National Statistics Institute and BP’s World Energy Report 2017 – show that production will have dropped to 20 barrels per capita. That’s a 66 per cent drop in 20 years. Oil output per capita in Venezuela has dropped significantly in the past several decades. Henkel Garcia/BP Statistical Review of World Energy 2017/National Statistics Institute (Others) × Even as output steadily shrank, Chávez benefitted from relatively high oil prices, which allowed him to boost revenue from petroleum exports. And as oil sales rose, so did government expenditures, as well as imports of food and other goods. Eventually, excess spending took a toll on Venezuela’s international reserves. Rather than cut expenditures and imports, the Chávez regime piled up foreign debt. As exports (US$ per capita) rose, so too did government spending and imports. Banco Central de Venezuela, FRED (Federal Reserve Bank of St. Louis), National Statistics Institute and Econométrica. (Others) × Then, in late 2014, international oil prices began to plunge. Today, estimates indicate that Venezuela’s public sector debt tops $184.5 billion, including $60 billion in foreign debt, though the Venezuelan Central Bank claims it’s much lower. Venezuela’s foreign public debt, in US$ million, is at an all-time high. (Venezuelan Central Bank) (Others) × To service this debt, the government must pay $16 billion to $20 billion a year through at least 2022. Shouldering that huge expense has meant slashing imports, causing food and medicine shortages. As a result, almost 54 per cent of Venezuelan children are malnourished. To ensure its citizens’ basic well-being, Venezuela must be able to import, on average, $1,000 a year per inhabitant – or roughly $33 billion a year. My data show it’s currently bringing in about half that. No Chinese largess As an oil producer, Venezuela’s desperation rouses geopolitical interests. Venezuela owes $28.1 billion to China and $9.1 billion to Russia, its main creditors. In recent years, both countries have been eager to prop up the Maduro regime, with little concern for its authoritarian tendencies. China, at least publicly, has remained decidedly mum on Venezuela’s political crisis. According to a spokesperson from the Chinese Ministry of Foreign Affairs in October, Beijing “believe[s] that the government of this country is able to appropriately handle its domestic affairs within the law, maintaining stability and prosperity.” So far, though, Chinese financial institutions have not further opened their coffers. They have, however, granted Venezuela a grace period of at least 18 months to pay off the debt it owes them. This modest concession gives the government a bit of breathing room. China has also allowed Venezuela to use shipments of crude to pay off some of its debt, revealing China’s main interest in Venezuela: its oil. But, in my view, Venezuela shouldn’t count on Beijing for significant additional financial help. For China to issue new loans, insiders have told me, Maduro’s government would have to show clear signs of fiscal discipline. Nothing indicates it is capable of that. I believe a more likely next step is that Venezuela will bring in much-needed cash by selling off existing stakes in oil companies and resource-extraction ventures it co-owns with China. Putin to the rescue? Russia has been somewhat more generous with Venezuela, and its geopolitical interests here are clear. The Kremlin benefits from having a trustworthy ally on this side of the world – especially one that is avowedly anti-U.S. and ranked as the 11th-largest oil producer worldwide. Plus, Russia already has many oil interests in the country, including joint exploration projects with Petróleos de Venezuela, the state-owned oil company. Indeed, Russia and its state-funded oil venture, Rosneft, have already helped the country avoid default at least twice, providing Caracas with $10 billion in financial assistance. In an Oct. 29 New York Times article, oil expert Francisco Monaldi said Russia is “the only country that can toss Venezuela a lifeline.” In my opinion, even its public declarations defending Venezuela’s politics are more incisive than China’s. Russia’s Foreign Ministry has called international sanctions against Venezuela “unacceptable.” Still, thus far, Russia has agreed only to restructure its bilateral debt with Venezuela. While the terms weren’t disclosed, I don’t believe anything like a real bailout is on offer. Last resource This could lead Venezuela to its last resort: the International Monetary Fund. In my opinion, this global lender would be the most appropriate source of a bailout. Neither China nor Russia is willing or able to offer the huge sum Venezuela needs to stay afloat, at least $30 billion. Nor is any country likely to match the super-low 2 per cent interest rate that the IMF offers to emerging economies in crisis. Bondholders typically look askance at this type of financial assistance. Countries receiving support from the IMF and other multilateral lenders are generally “advised to renegotiate foreign debt,” which can leave investors with empty pockets. And today, Venezuela has no official relationship with the organisation. The Chávez administration loved to disparage the IMF, saying it should “close down” or “vanish.” Even so, there are signs that the IMF is sketching out a possible rescue plan for the country. Bank officials have expressed concern with both Venezuela’s humanitarian crisis and the possible spinoff effects of its economic collapse on other Latin American economies. Since the multilateral organisation is unlikely to bail out the current regime – which has previously rebuked its possible intervention – the IMF probably hopes to work with some future transition government that’s more democratic and open to international aid. If so, help may be a long time coming. This article was originally published on The Conversation. Read the original article.

Who is going to pay for Venezuela's oil debt

A day after rating agency S&amp;P downgraded Venezuela over its failure to make overdue payments, Fitch ratings too downgraded the cash-strapped nation to &nbsp;&#39;RD&#39; (Restricted Default).

On Tuesday, Standard &amp; Poor&#39;s had placed the debt-ridden country in the &quot;selective default&quot; list. S&amp;P had said it had downgraded the issue ratings on Venezuela&#39;s bond which it had failed to pay to D from CC and cut the country&rsquo;s long-term foreign currency sovereign credit rating to selective default, or SD, from CC.

&quot;Fitch Ratings has downgraded Venezuela&#39;s Long-Term Foreign Currency Issuer Default Rating (IDR) to &#39;RD&#39; (Restricted Default) from &#39;C&#39; and affirmed the Long-Term Local Currency IDR at &#39;CC&#39;,&quot; the ratings agency said in a statement.

The downgrade &quot;reflects the failure of bondholders to receive overdue interest payments on Venezuela&#39;s sovereign bonds maturing Oct. 13, 2019 and Oct. 13, 2024 by the end of the 30-day grace period that ended on Nov. 13, 2017,&quot; Fitch&nbsp;said.

The downgrade comes even as the government declared on Wednesday it had successfully begun the process of refinancing its foreign debt.&nbsp;

&quot;The government of the Bolivarian Republic of Venezuela wants to inform the world that today, at the Miraflores Government Palace, the process of refinancing Venezuela&#39;s foreign debt was started with resounding success, as a strategy to fully comply with our obligations,&quot; an official statement read.

However, creditors and rating agencies still do not know how the oil-rich nation will pay up its debts. Venezuelan Opposition has accused&nbsp;the Maduro government of wrecking the economy.

The Opposition has been demanding &quot;free&quot; and &quot;fair&quot; presidential elections in 2018 presidential election in a bid to put the economy back on track.

At least 125 people have died in the past four months in violent protests against Maduro as the country&#39;s economy has crashed to new a low with several people unable to afford food products and basic amenities with inflation at an all-time high.&nbsp;

On Tuesday, Standard & Poor's had placed the debt-ridden country in the "selective default" list.

A day after rating agency S&P downgraded Venezuela over its failure to make overdue payments, Fitch ratings too downgraded the cash-strapped nation to 'RD' (Restricted Default). On Tuesday, Standard & Poor's had placed the debt-ridden country in the "selective default" list. S&P had said it had downgraded the issue ratings on Venezuela's bond which it had failed to pay to D from CC and cut the country’s long-term foreign currency sovereign credit rating to selective default, or SD, from CC. "Fitch Ratings has downgraded Venezuela's Long-Term Foreign Currency Issuer Default Rating (IDR) to 'RD' (Restricted Default) from 'C' and affirmed the Long-Term Local Currency IDR at 'CC'," the ratings agency said in a statement. The downgrade "reflects the failure of bondholders to receive overdue interest payments on Venezuela's sovereign bonds maturing Oct. 13, 2019 and Oct. 13, 2024 by the end of the 30-day grace period that ended on Nov. 13, 2017," Fitch said. The downgrade comes even as the government declared on Wednesday it had successfully begun the process of refinancing its foreign debt. "The government of the Bolivarian Republic of Venezuela wants to inform the world that today, at the Miraflores Government Palace, the process of refinancing Venezuela's foreign debt was started with resounding success, as a strategy to fully comply with our obligations," an official statement read. However, creditors and rating agencies still do not know how the oil-rich nation will pay up its debts. Venezuelan Opposition has accused the Maduro government of wrecking the economy. The Opposition has been demanding "free" and "fair" presidential elections in 2018 presidential election in a bid to put the economy back on track. At least 125 people have died in the past four months in violent protests against Maduro as the country's economy has crashed to new a low with several people unable to afford food products and basic amenities with inflation at an all-time high.

Now, Fitch places Venezuela on 'selective default'

Venezuela&#39;s opposition said on Tuesday that this week&#39;s planned political dialogue in the Dominican Republic with President Nicolas Maduro&#39;s government was being postponed because regional guarantors were not going.

&quot;The international negotiation process cannot go ahead until the foreign ministers are invited,&quot; opposition negotiator Luis Florido said, referring to the potential presence of Latin American foreign ministers at the talks.

Negotiations to ease a bitter and long-running political crisis in the OPEC nation had been scheduled for Wednesday. Previous dialogue efforts have ended in recriminations between the two sides with no concrete progress.

The opposition coalition had previously accused the Maduro government of blocking the presence of foreign ministers at this week&#39;s talks, but on Tuesday said it appeared to be more a scheduling problem.

<a href="http://www.wionews.com/preview/article/24168">Also read:&nbsp;S&amp;P declares Venezuela in &#39;selective default&#39;</a>

There was no immediate response from officials.

The opposition&#39;s principal demand is for free and fair conditions for the 2018 presidential election.

It also wants freedom for jailed activists, autonomy for the opposition-led Congress, and a foreign humanitarian aid corridor to help alleviate&nbsp;Venezuela&#39;s unprecedented economic crisis.

Maduro accuses his opponents of conspiring with the United States and a right-wing international campaign to oust his socialist government via a coup. The government is seeking guarantees against violence and recognition of the pro-Maduro Constituent Assembly that has overridden Congress.

At least 125 people died in four months of often violent protests against Maduro earlier this year. Foes say he is a dictator who has wrecked a once-prosperous economy.

Maduro and his allies have accused the opposition of preferring violence to dialogue.

Debt refinancing talks with international investors had begun successfully in Caracas on Monday, the government said, though creditors said the discussions were fruitless.

The opposition coalition had previously accused the Maduro government of blocking the presence of foreign ministers at this week's talks, but on Tuesday said it appeared to be more a scheduling problem.

Venezuela's opposition said on Tuesday that this week's planned political dialogue in the Dominican Republic with President Nicolas Maduro's government was being postponed because regional guarantors were not going. "The international negotiation process cannot go ahead until the foreign ministers are invited," opposition negotiator Luis Florido said, referring to the potential presence of Latin American foreign ministers at the talks. Negotiations to ease a bitter and long-running political crisis in the OPEC nation had been scheduled for Wednesday. Previous dialogue efforts have ended in recriminations between the two sides with no concrete progress. The opposition coalition had previously accused the Maduro government of blocking the presence of foreign ministers at this week's talks, but on Tuesday said it appeared to be more a scheduling problem. Also read: S&P declares Venezuela in 'selective default' There was no immediate response from officials. The opposition's principal demand is for free and fair conditions for the 2018 presidential election. It also wants freedom for jailed activists, autonomy for the opposition-led Congress, and a foreign humanitarian aid corridor to help alleviate Venezuela's unprecedented economic crisis. Maduro accuses his opponents of conspiring with the United States and a right-wing international campaign to oust his socialist government via a coup. The government is seeking guarantees against violence and recognition of the pro-Maduro Constituent Assembly that has overridden Congress. At least 125 people died in four months of often violent protests against Maduro earlier this year. Foes say he is a dictator who has wrecked a once-prosperous economy. Maduro and his allies have accused the opposition of preferring violence to dialogue. Debt refinancing talks with international investors had begun successfully in Caracas on Monday, the government said, though creditors said the discussions were fruitless.

Venezuela opposition says talks with government delayed

Standard &amp;<a href="http://www.wionews.com/business-economy/venezuelas-state-run-oil-firm-pdvsa-misses-debt-payment-to-ongc-24144"> Poor&#39;s, the global rating agency, has placed debt-ridden</a> Venezuela in the &quot;selective default&quot;&nbsp;list.

The oil-rich <a href="http://www.wionews.com/world/venezuela-begins-refinancing-its-foreign-debt-24155">country failed to make payments of over $200 million</a> to creditors by the end of a 30-day grace period that expired over the weekend.

S&amp;P said it had downgraded the issue ratings on Venezuela&#39;s bond which it had failed to pay to D from CC and cut the country&rsquo;s long-term foreign currency sovereign credit rating to selective default, or SD, from CC.

Although the Venezuelan government had said on Monday that it had successfully begun the process of refinancing its foreign debt during a meeting in Caracas with bondholders from various countries.

Caracas added that it has &quot;punctually&quot; paid $73.35 billion for debt services in the last 36 months, and hoped that the Monday&#39;s meeting will help reiterate its willingness to comply with its commitments. However, S&amp;P did not agree completely with the government placing the country in the &quot;default&quot;&nbsp;list.

&ldquo;Our CreditWatch negative reflects our opinion that there is a one-in-two chance that Venezuela could default again within the next three months,&rdquo; S&amp;P said.

Meanwhile,&nbsp;European Union(EU) foreign ministers approved economic sanctions, including an arms embargo on Venezuela on Monday. The EU said regional elections last month marred by reported irregularities had deepened the country&#39;s crisis.

Over the weekend, Maduro had termed imminent sanctions by the bloc as &quot;stupid.&quot;

Venezuela has been&nbsp;reeling under crippling US sanctions along with the fall in global oil prices has led to large-scale economic and social downturn in the country.

The oil-rich country failed to make payments of over $200 million to creditors by the end of a 30-day grace period that expired over the weekend.

Standard & Poor's, the global rating agency, has placed debt-ridden Venezuela in the "selective default" list. The oil-rich country failed to make payments of over $200 million to creditors by the end of a 30-day grace period that expired over the weekend. S&P said it had downgraded the issue ratings on Venezuela's bond which it had failed to pay to D from CC and cut the country’s long-term foreign currency sovereign credit rating to selective default, or SD, from CC. Although the Venezuelan government had said on Monday that it had successfully begun the process of refinancing its foreign debt during a meeting in Caracas with bondholders from various countries. Caracas added that it has "punctually" paid $73.35 billion for debt services in the last 36 months, and hoped that the Monday's meeting will help reiterate its willingness to comply with its commitments. However, S&P did not agree completely with the government placing the country in the "default" list. “Our CreditWatch negative reflects our opinion that there is a one-in-two chance that Venezuela could default again within the next three months,” S&P said. Meanwhile, European Union(EU) foreign ministers approved economic sanctions, including an arms embargo on Venezuela on Monday. The EU said regional elections last month marred by reported irregularities had deepened the country's crisis. Over the weekend, Maduro had termed imminent sanctions by the bloc as "stupid." Venezuela has been reeling under crippling US sanctions along with the fall in global oil prices has led to large-scale economic and social downturn in the country.

S&P declares Venezuela in 'selective default'

The Venezuelan government said Monday that the country has successfully begun the process of refinancing its foreign debt during a meeting earlier in the day in Caracas with bondholders from various countries.

&quot;The government of the Bolivarian Republic of Venezuela wants to inform the world that today, at the Miraflores Government Palace, the process of refinancing Venezuela&#39;s foreign debt was started with resounding success, as a strategy to fully comply with our obligations,&quot; an official statement read.

Venezuelan government representatives met with creditors to try and renegotiate the debt, an initial meeting from which no agreements or concrete proposals emerged and at which the Nicolas Maduro administration informed its creditors of its limitations to pay.

&quot;We rate this meeting, in which Venezuelan debt holders from Venezuela, the United States, Panama, the United Kingdom, Portugal, Colombia, Chile, Argentina, Japan and Germany participated, as highly positive and very auspicious,&quot; the statement continued.

Venezuela accuses Washington of &quot;attacking&quot; its economy and denounces that the credit rating agencies, following the pattern of financial blockade undertaken by the Donald Trump administration, extol the reports that are devoid of any form of rigor and veracity, and intervene to hinder the country.

Caracas added that it has &quot;punctually&quot; paid $73.35 billion for debt services in the last 36 months, and hoped that the Monday&#39;s meeting will help reiterate its willingness to comply with its commitments.

&quot;The positive climate in which this refinancing process began indicates that we will move forward and continue to build the welfare state that the people of Venezuela deserve,&quot; the official note added.

According to the Venezuelan National Assembly&#39;s financial commission&#39;s estimates, Venezuela holds a total debt close to $150 billion, which results in an annual payments close to $10 billion, &quot;not including what is paid to China and Russia&quot; by various agreements.

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Venezuelan government representatives met with creditors to try and renegotiate the debt, an initial meeting from which no agreements or concrete proposals emerged.

The Venezuelan government said Monday that the country has successfully begun the process of refinancing its foreign debt during a meeting earlier in the day in Caracas with bondholders from various countries. "The government of the Bolivarian Republic of Venezuela wants to inform the world that today, at the Miraflores Government Palace, the process of refinancing Venezuela's foreign debt was started with resounding success, as a strategy to fully comply with our obligations," an official statement read. Venezuelan government representatives met with creditors to try and renegotiate the debt, an initial meeting from which no agreements or concrete proposals emerged and at which the Nicolas Maduro administration informed its creditors of its limitations to pay. "We rate this meeting, in which Venezuelan debt holders from Venezuela, the United States, Panama, the United Kingdom, Portugal, Colombia, Chile, Argentina, Japan and Germany participated, as highly positive and very auspicious," the statement continued. Venezuela accuses Washington of "attacking" its economy and denounces that the credit rating agencies, following the pattern of financial blockade undertaken by the Donald Trump administration, extol the reports that are devoid of any form of rigor and veracity, and intervene to hinder the country. Caracas added that it has "punctually" paid $73.35 billion for debt services in the last 36 months, and hoped that the Monday's meeting will help reiterate its willingness to comply with its commitments. "The positive climate in which this refinancing process began indicates that we will move forward and continue to build the welfare state that the people of Venezuela deserve," the official note added. According to the Venezuelan National Assembly's financial commission's estimates, Venezuela holds a total debt close to $150 billion, which results in an annual payments close to $10 billion, "not including what is paid to China and Russia" by various agreements. (All the rights of the contents (text, photo, video, multimedia products and others) included in the services supplied to the user in this test are EFE-EPA property and shall be reproduced under EFE-EPA @copyright. Contents shall be reproduced only in the terms agreed with EFE and by no mean can those be redistributed, transferred or traded. User shall be held responsible for the alteration or misuse of the contents and products included in EFE-EPA services. User is compelled to follow the national law and will be the only responsible for the use or misuse of the contents provided by EFE-EPA.)

Venezuela begins refinancing its foreign debt

As Venezuela&#39;s<a href="http://www.wionews.com/world/us-hits-dictator-maduro-with-sanctions-over-disputed-venezuela-vote-18457"> debt crisis deepens, reports say state-owned&nbsp;oil firm PDVSA </a>has not made debt payments to India&#39;s Oil and Natural Gas Corporation(ONGC) for six months.

Venezuela is reeling<a href="http://www.wionews.com/world/trump-warns-venezuelas-maduro-of-economic-actions-over-bid-to-rewrite-constitution-18019"> under crippling US sanctions even though President Maduro</a> vowed on Monday to continue paying debts.&nbsp;

Nearly $300 million in late interest payments on three bonds - PDVSA 2027, Venezuela 2019 and Venezuela 2024 - was also due on Monday but the Venezuelan government gave no roadmap on its restructure and refinancing plans.

ONGC Videsh, the overseas investment arm of ONGC, confirmed to Reuters that PDVSA had fallen behind on the payments, but declined to give details on the delays.

&ldquo;They have got certain challenges at this stage,&rdquo; ONGC Videsh said in an emailed response to Reuters&rsquo; questions.&nbsp;

&ldquo;They have assured that they are working on it (payment of dues). In due course it will be settled and follow up steps will be undertaken,&rdquo; the official added.

&ldquo;We have a good working relationship with PDVSA,&rdquo; the ONGC official said.

Reuters quoted two sources to inform that PDVSA had made no payment since April on a $540 million dividends backlog to ONGC for an investment the Indian firm made in an energy project in Venezuela.&nbsp;

Last week Venezuela&#39;s PDVSA had made an overdue $1.1 billion principal payment, Bloomberg said even as President Maduro attracted international attention from creditors and domestic audience for his handling of the economic crisis.

Venezuela&#39;s Electricidad de Caracas - a state-owned electric company had defaulted on a $650 million bond payment, Wilmington Trust had said last Friday.

The OPEC member&rsquo;s economy has collapsed since global oil prices plummeted in 2014. Venezuela depends on oil for more than 90 per cent of export revenue.

President Nicolas Maduro confused investors this month with a vow to continue paying Venezuela's crippling debt, while also seeking to restructure and refinance it.

As Venezuela's debt crisis deepens, reports say state-owned oil firm PDVSA has not made debt payments to India's Oil and Natural Gas Corporation(ONGC) for six months. Venezuela is reeling under crippling US sanctions even though President Maduro vowed on Monday to continue paying debts. Nearly $300 million in late interest payments on three bonds - PDVSA 2027, Venezuela 2019 and Venezuela 2024 - was also due on Monday but the Venezuelan government gave no roadmap on its restructure and refinancing plans. ONGC Videsh, the overseas investment arm of ONGC, confirmed to Reuters that PDVSA had fallen behind on the payments, but declined to give details on the delays. “They have got certain challenges at this stage,” ONGC Videsh said in an emailed response to Reuters’ questions. “They have assured that they are working on it (payment of dues). In due course it will be settled and follow up steps will be undertaken,” the official added. “We have a good working relationship with PDVSA,” the ONGC official said. Reuters quoted two sources to inform that PDVSA had made no payment since April on a $540 million dividends backlog to ONGC for an investment the Indian firm made in an energy project in Venezuela. Last week Venezuela's PDVSA had made an overdue $1.1 billion principal payment, Bloomberg said even as President Maduro attracted international attention from creditors and domestic audience for his handling of the economic crisis. Venezuela's Electricidad de Caracas - a state-owned electric company had defaulted on a $650 million bond payment, Wilmington Trust had said last Friday. The OPEC member’s economy has collapsed since global oil prices plummeted in 2014. Venezuela depends on oil for more than 90 per cent of export revenue.

Venezuela's state-run oil firm PDVSA misses debt payment to ONGC

Venezuela on Friday called foreign creditors to a November 13 meeting in Caracas aiming to restructure its estimated $150 billion debt, as credit-rating agencies dealt the crisis-stricken country another blow with double downgrades.

Standard &amp; Poor&#39;s cut the nation&#39;s long-term foreign currency rating to &quot;CC&quot; from &quot;CCC-&quot; over growing concerns of the risk of a debt default in the oil-producing country, while fellow agency Fitch cut the long-term debt rating to &quot;C&quot; from &quot;CC.&quot;

The increasingly dire warnings followed President Nicolas Maduro&#39;s calls to &quot;investors across the whole world and to holders of Venezuelan debt&quot; &nbsp;to attend a Caracas meeting November 13 &quot;to start a process to refinance and renegotiate the external debt.&quot;

His vice president, Tareck El Aissami, who is leading a commission tasked with the restructuring, said the government is seeking &quot;sovereign commitments&quot; for a debt renegotiation.

Flanked by the ministers in charge of the economy, finance, and energy, El Aissami confirmed the country had on Friday started to pay out $1.2 billion due to service the debt of state oil company PDVSA.

Maduro announced Thursday that Venezuela would begin talks to refinance the debt immediately after that payment was made.

El Aissami, one of the Venezuelan officials sanctioned by the United States due to alleged ties to drug trafficking, said the talks with creditors will &quot;establish the groundwork to renegotiate the terms of the foreign debt of the Republic and of PDVSA.&quot;

&quot;We will begin a sovereign renegotiation of our debt and we will continue to comply fully, transparently, as our government has done historically,&quot; he said in a televised statement.

He noted that since 2014 Venezuela, which has the largest proven crude oil reserves in the world, has paid nearly $72 billion in principal and interest payments on the debt.

Blasting US sanctions&nbsp;

Maduro has repeatedly blamed the United States for the country&#39;s woes, saying Washington is trying to strangle Venezuela with sanctions.

US sanctions imposed on Venezuela in August ban US trade in any new bonds issued by the Venezuelan government or PDVSA&nbsp;a needed step in any restructuring.

El Aissami denounced the &quot;continued aggression, permanent sabotage, blockade and financial persecution&quot; he said US President Donald Trump has imposed on the people of Venezuela. But he said the sanctions really hurt bondholders and financial institutions.

Much of Venezuela&#39;s debt is held by China and Russia, to be paid off in oil the resource that underpins the Venezuelan economy. The country has less than $10 billion in foreign currency reserves.

Analysts were pessimistic about Venezuela&#39;s chances of successfully restructuring its debt.

&quot;Venezuela&#39;s options to keep up with its payments are shrinking rapidly, mainly because any restructuring needs to be matched with clear and credible economic reforms capable of winning the trust and support of bond-holders,&quot; said Diego Moya-Ocampos, an analyst at London-based IHS Markit.

Another analyst, Asdrubal Oliveros, director of Ecoanalitica in Caracas, said that while investors had anticipated a debt renegotiation, they wanted &quot;a plan of restructuring and reorganization, of putting accounts in order -- this isn&#39;t that plan.&quot;

Sinking economy&nbsp;

According to estimates by private consultancies, Venezuela has a debt mountain of $150 billion, of which $45 billion is public debt, $45 billion is owed by PDVSA, $23 billion is owed to China, and $8 billion is owed to Russia.

A default could see investors try to lay claim to PDVSA assets, including tankers, oil in shipment and subsidiaries such as the Citgo refinery and service station network in the US.

&quot;The government has mortgaged the future of Venezuelans in an irresponsible way,&quot; said Stalin Gonzalez, head of a grouping of opposition lawmakers who dominate Venezuela&#39;s parliament.

Venezuela&#39;s economy is in dire shape, shrinking by 36 percent in the past four years, according to the International Monetary Fund (IMF), and is now suffering hyperinflation estimated to top 2,300 percent next year.

Production of its primary resource, oil, is declining, in large part because of rundown PDVSA infrastructure and neglected fields.

The IMF on Friday sanctioned Venezuela for not providing economic data as required of all its 189 member states. The move carries no financial penalty but is another sign of Venezuela&#39;s strained relations with the fund.&nbsp;

Venezuela was failing to give data on the operations of the social security institute, exports and imports, and other key economic indicators, the Washington-based lender said.

Venezuela on Friday called foreign creditors to a November 13 meeting in Caracas aiming to restructure its estimated $150 billion debt, as credit-rating agencies dealt the crisis-stricken country another blow with double downgrades

Venezuela on Friday called foreign creditors to a November 13 meeting in Caracas aiming to restructure its estimated $150 billion debt, as credit-rating agencies dealt the crisis-stricken country another blow with double downgrades. Standard & Poor's cut the nation's long-term foreign currency rating to "CC" from "CCC-" over growing concerns of the risk of a debt default in the oil-producing country, while fellow agency Fitch cut the long-term debt rating to "C" from "CC." The increasingly dire warnings followed President Nicolas Maduro's calls to "investors across the whole world and to holders of Venezuelan debt" to attend a Caracas meeting November 13 "to start a process to refinance and renegotiate the external debt." His vice president, Tareck El Aissami, who is leading a commission tasked with the restructuring, said the government is seeking "sovereign commitments" for a debt renegotiation. Flanked by the ministers in charge of the economy, finance, and energy, El Aissami confirmed the country had on Friday started to pay out $1.2 billion due to service the debt of state oil company PDVSA. Maduro announced Thursday that Venezuela would begin talks to refinance the debt immediately after that payment was made. El Aissami, one of the Venezuelan officials sanctioned by the United States due to alleged ties to drug trafficking, said the talks with creditors will "establish the groundwork to renegotiate the terms of the foreign debt of the Republic and of PDVSA." "We will begin a sovereign renegotiation of our debt and we will continue to comply fully, transparently, as our government has done historically," he said in a televised statement. He noted that since 2014 Venezuela, which has the largest proven crude oil reserves in the world, has paid nearly $72 billion in principal and interest payments on the debt. Blasting US sanctions Maduro has repeatedly blamed the United States for the country's woes, saying Washington is trying to strangle Venezuela with sanctions. US sanctions imposed on Venezuela in August ban US trade in any new bonds issued by the Venezuelan government or PDVSA a needed step in any restructuring. El Aissami denounced the "continued aggression, permanent sabotage, blockade and financial persecution" he said US President Donald Trump has imposed on the people of Venezuela. But he said the sanctions really hurt bondholders and financial institutions. Much of Venezuela's debt is held by China and Russia, to be paid off in oil the resource that underpins the Venezuelan economy. The country has less than $10 billion in foreign currency reserves. Analysts were pessimistic about Venezuela's chances of successfully restructuring its debt. "Venezuela's options to keep up with its payments are shrinking rapidly, mainly because any restructuring needs to be matched with clear and credible economic reforms capable of winning the trust and support of bond-holders," said Diego Moya-Ocampos, an analyst at London-based IHS Markit. Another analyst, Asdrubal Oliveros, director of Ecoanalitica in Caracas, said that while investors had anticipated a debt renegotiation, they wanted "a plan of restructuring and reorganization, of putting accounts in order -- this isn't that plan." Sinking economy According to estimates by private consultancies, Venezuela has a debt mountain of $150 billion, of which $45 billion is public debt, $45 billion is owed by PDVSA, $23 billion is owed to China, and $8 billion is owed to Russia. A default could see investors try to lay claim to PDVSA assets, including tankers, oil in shipment and subsidiaries such as the Citgo refinery and service station network in the US. "The government has mortgaged the future of Venezuelans in an irresponsible way," said Stalin Gonzalez, head of a grouping of opposition lawmakers who dominate Venezuela's parliament. Venezuela's economy is in dire shape, shrinking by 36 percent in the past four years, according to the International Monetary Fund (IMF), and is now suffering hyperinflation estimated to top 2,300 percent next year. Production of its primary resource, oil, is declining, in large part because of rundown PDVSA infrastructure and neglected fields. The IMF on Friday sanctioned Venezuela for not providing economic data as required of all its 189 member states. The move carries no financial penalty but is another sign of Venezuela's strained relations with the fund. Venezuela was failing to give data on the operations of the social security institute, exports and imports, and other key economic indicators, the Washington-based lender said.

Stalked by default fears, Venezuela calls creditor meeting

Venezuela accused the United States on Monday of &quot;psychological terrorism&quot; designed to bring down the government after it was included in a list of eight countries targeted by a travel ban.

&quot;As if it mattered to us to have a visa for the United States. I only go to the United States if I have to go to the UN, to the OAS,&quot; President Nicolas Maduro said, referring to the Organization of American States.

Speaking at a meeting with governors broadcast by state television VTV, Maduro said US President Donald Trump has &quot;isolated the United States&quot; with his speech at the United Nations General Assembly last week, in which he called the Venezuelan leader a &quot;dictator.&quot;

He was speaking a day after Venezuela was added to a new list of countries targeted by the US ban, due to what it called poor security and a lack of cooperation with American authorities.

The restrictions on Venezuela were limited to officials from a list of government agencies and their families, while full travel bans were placed on nationals from the other seven countries, including Chad and North Korea.

Earlier, Foreign Minister Jorge Arreaza described Trump as acting like &quot;the world&#39;s emperor.&quot;

Amid an escalating war of words, Arreaza told the UN General Assembly that Venezuela would seek dialogue with Washington to &quot;stop the madness and irrationality.&quot;

Last week, he accused Trump of being &quot;racist and supremacist&quot; after the US leader told the annual UN gathering that the US was ready to act to restore Venezuela&#39;s democracy.

&quot;As a free people, we are ready to defend our sovereignty, our independence and our democracy in any scenario and in any way,&quot; Arreaza said.

In a short statement to reporters following his speech, he added: &quot;I insist, if they attack us on the ground, we will respond forcefully in the defense of our country and of our people.&quot;

His foreign ministry said that &quot;these types of lists... are incompatible with international law and constitute in themselves a form of psychological and political terrorism.&quot;

Most of the nations affected by the US ban were part of a measure targeting Muslim countries that Trump authorized shortly after taking office.

Maduro&#39;s socialist government said Washington was using the fight against terrorism for its own political ends.

The foreign ministry statement said the ban was seeking to &quot;stigmatize&quot; Venezuela &quot;under the pretext of combating terrorism, by including it in a unilaterally drawn-up list and accusing other states of being alleged promoters of this terrible scourge.&quot;

It rejected &quot;the irrational decision of the United States government to once again catalog the noble Venezuelan people as a threat to their national security.&quot;

Venezuela has been rocked by months of economic chaos and deadly protests as Maduro tries to consolidate control, including through a new Constituent Assembly that has wrested power from the opposition-dominated legislature.

OAS Secretary General Luis Almagro called for additional sanctions against the Maduro government, denouncing what he called the &quot;consolidation of the dictatorial regime in Venezuela.&quot;

His organization&#39;s fourth report on the Venezuelan political crisis says that democracy was &quot;completely eliminated&quot; when the &quot;illegitimate&quot; Constituent Assembly was established on July 30.

Most of the nations affected by the US ban were part of a measure targeting Muslim countries that Trump authorized shortly after taking office

Venezuela accused the United States on Monday of "psychological terrorism" designed to bring down the government after it was included in a list of eight countries targeted by a travel ban. "As if it mattered to us to have a visa for the United States. I only go to the United States if I have to go to the UN, to the OAS," President Nicolas Maduro said, referring to the Organization of American States. Speaking at a meeting with governors broadcast by state television VTV, Maduro said US President Donald Trump has "isolated the United States" with his speech at the United Nations General Assembly last week, in which he called the Venezuelan leader a "dictator." He was speaking a day after Venezuela was added to a new list of countries targeted by the US ban, due to what it called poor security and a lack of cooperation with American authorities. The restrictions on Venezuela were limited to officials from a list of government agencies and their families, while full travel bans were placed on nationals from the other seven countries, including Chad and North Korea. Earlier, Foreign Minister Jorge Arreaza described Trump as acting like "the world's emperor." Amid an escalating war of words, Arreaza told the UN General Assembly that Venezuela would seek dialogue with Washington to "stop the madness and irrationality." Last week, he accused Trump of being "racist and supremacist" after the US leader told the annual UN gathering that the US was ready to act to restore Venezuela's democracy. "As a free people, we are ready to defend our sovereignty, our independence and our democracy in any scenario and in any way," Arreaza said. In a short statement to reporters following his speech, he added: "I insist, if they attack us on the ground, we will respond forcefully in the defense of our country and of our people." His foreign ministry said that "these types of lists... are incompatible with international law and constitute in themselves a form of psychological and political terrorism." Most of the nations affected by the US ban were part of a measure targeting Muslim countries that Trump authorized shortly after taking office. Maduro's socialist government said Washington was using the fight against terrorism for its own political ends. The foreign ministry statement said the ban was seeking to "stigmatize" Venezuela "under the pretext of combating terrorism, by including it in a unilaterally drawn-up list and accusing other states of being alleged promoters of this terrible scourge." It rejected "the irrational decision of the United States government to once again catalog the noble Venezuelan people as a threat to their national security." Venezuela has been rocked by months of economic chaos and deadly protests as Maduro tries to consolidate control, including through a new Constituent Assembly that has wrested power from the opposition-dominated legislature. OAS Secretary General Luis Almagro called for additional sanctions against the Maduro government, denouncing what he called the "consolidation of the dictatorial regime in Venezuela." His organization's fourth report on the Venezuelan political crisis says that democracy was "completely eliminated" when the "illegitimate" Constituent Assembly was established on July 30.

New US travel ban 'psychological terrorism': Venezuela

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