(MENAFN) Venezuela, struggling to pay for essential items such as food and medicine amid strict foreign currency controls, may have failed to collect about a third of its potential oil revenue in 2014, Oman Observer reported.
The OPEC member nation likely realized just over USD50 billion in oil revenue in 2014, according to an analysis of publicly available data and estimates based upon past performances of Venezuela's oil sector.
But as a result of generous financing mechanisms to allied nations through cooperation agreements and imports of crude oil and various products, Venezuela potentially deprived itself of about USD24 billion in oil revenue last year.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.