Venezuelan oil price falls below $10, lowest level in 20 years

The price of Venezuelan oil has fallen to below $10 a barrel -- its lowest level in more than two decades, the government said on Friday.

The oil ministry said the price between Monday and Friday was 70.62 Chinese yuan -- $9.90 a barrel -- a level that has not been seen since 1998 when it was $9.28.

Since 2017, the government of President Nicolas Maduro has announced its oil prices in yuan rather than dollars in protest over US sanctions.

The weekly price -- last year averaging $56.70 and at $61.41 in 2018 -- has fallen through the floor since the coronavirus pandemic began.

Oil prices have been sliding since 2014 and exacerbating the country's ongoing economic crisis that has pushed almost five million Venezuelans to leave the country, according to UN figures.

Venezuela is almost entirely dependent on its oil revenues, which account for around 96 percent of its income.

"It is an extremely extreme situation," oil expert Francisco Monaldi said this week in a meeting with the country's Foreign Press Association.

"Venezuela would normally need prices of more than $30 to make it attractive to continue drilling and pay royalties," he said.

"What we are experiencing is a kind of Armageddon."

Venezuela's oil production has fallen to around a quarter of its 2008 level.

Maduro's government blames that on US sanctions, including against state oil company PDVSA, but many analysts say the regime has failed to invest in or maintain infrastructure.

Although the South American country has the largest oil reserves in the world, the sector is a victim of corruption and lack of investment, according to analysts and the Venezuelan opposition.

Between 2004 and 2015, the country earned $750 billion from its oil exports, the price of which peaked in 2011 and 2012 with an annual barrel average of $101.06 and $103.42 respectively.

But now, the government is running the printing press to make up for the budget deficit -- and fueling runaway inflation.

Despite a national lockdown because of the coronavirus, protests have bubbled up across the country as people experience shortages of food and medical necessities.

Officials said several dozen people had demonstrated in Upata, a town of about 100,000 inhabitants, while seven people were injured Wednesday during protests -- that turned to looting -- in the eastern state of Sucre.

At least 10 people have died from COVID-19 in Venezuela, with just over 300 infections, according to a tally by Johns Hopkins University.

Agence France-Presse

EU nations give ultimatum to Venezuela’s Maduro

PARÍS, France – The European Union and several of its member governments gave embattled Venezuelan leader Nicolas Maduro an ultimatum on Saturday, saying they would recognize opposition leader Juan Guaido as president unless he calls elections within eight days.

But Venezuela’s foreign minister rejected the warnings, saying “nobody is going to give us deadlines or tell us if there are elections or not”.

The coordinated announcements are the most explicit yet from EU countries as the 28-member bloc struggles to draft a joint statement with regards to its position on the crisis in Venezuela.

Here is a roundup of European statements after the United States, Canada and major South American governments recognized Guaido, who proclaimed himself acting president in a challenge to Maduro.

European Union

The European Union “will take further actions” if new elections are not called in Venezuela in the coming days, EU diplomatic chief Federica Mogherini said. This would include “the issue of recognition of the country’s leadership”.

Spain

Prime Minister Pedro Sanchez, was the first EU leader to issue an ultimatum, saying that “if within eight days there are no fair, free and transparent elections called in Venezuela, Spain will recognize Juan Guaido as Venezuelan president”.

Spain is closely linked to Venezuela, a former colony, as some 200,000 of its nationals live there.

Spain was “not looking to impose or remove governments in Venezuela, we want democracy and free elections in Venezuela”, Sanchez said.

Germany and France

Germany and France quickly followed, backing the eight-day ultimatum.

French President Emmanuel Macron said in a tweet that “the Venezuelan people must be able to freely decide on their future”.

Also on Twitter, German government spokeswoman Martina Fietz used nearly identical language, adding “complete security” as a necessary condition for elections.

Britain

British Foreign Secretary Jeremy Hunt said that “after banning opposition candidates, ballot box stuffing and counting irregularities in a deeply flawed election, it is clear (president) Nicolas Maduro is not the legitimate leader of Venezuela”.

“@jguaido is the right person to take Venezuela forward,” he said in a tweet.

“If there are not fresh & fair elections announced within eight days, UK will recognize him as interim president to take forward the political process towards democracy.

“Time for a new start for the suffering ppl (people) of Venezuela.”

The Netherlands

The Netherlands is closely following developments in Venezuela as several of the Dutch kingdom’s Caribbean territories such as Aruba, Curacao and Bonaire are just off the coast of the troubled South American country.

“The Venezuelan people must have the right to determine themselves what their future will look like,” Foreign Minister Stef Blok said, calling for “free, transparent and democratic elections”.

Portugal

Portugal joined its fellow EU members’ call, saying that one week was “an appropriate timeframe” for Maduro to announce fresh elections.

“In our opinion, it is impossible to end the political deadlock and the very serious social crisis in Venezuela without free, transparent and credible elections,” said Foreign Minister Augusto Santos Silva.

Italy

Italy’s Foreign Minister Enzo Moavero Milanesi called for “a rapid return to democratic legitimacy, guaranteed by new free and transparent elections” in Venezuela, although his statement contained no mention of a timeframe.

“With heartfelt thoughts for the Venezuelan people and the many with Italian origins, we express our closeness to the families of the victims in the face of the dramatic events taking place,” he said.

Austria, Greece

Austria and Greece have been reluctant to join other EU members’ initiatives to put pressure on Maduro.

Greece’s ruling party Syriza has publicly backed him, with party secretary Panos Skourletis voicing “full support and solidarity” to what to he called “the legal president.” /cbb

source: newsinfo.inquirer.net

Cinema from Venezuela at Instituto Cervantes

MANILA, Philippines—The Embassy of Venezuela, Instituto Cervantes and the Embassy of Spain present the film cycle “Cine de Venezuela”, a series of Venezuelan films to be shown from the 3rd to the 6th of December at the Instituto Cervantes theater in Manila.

The cycle will kick off on the 3rd of December, at 7:30 pm, with one of the most popular movies of contemporary Venezuelan cinema –the film “El manzano azul,” directed by Olegario Barrera in 2012. It relates the story of Diego, an 11-year-old city boy who has to spend his summer in the countryside of the Venezuelan Andes with his grandfather whom he hardly knows.

With no high-tech gadgets, he is miserable and bored. One day, he discovers an odd blue apple tree and meets a young girl in which he takes a strong liking to. Through a series of misadventures, Diego grows closer to his grandfather and learns to live life differently.

Along with that opening film, the line-up of “Cine de Venezuela” features two more movies tackling some of the issues of contemporary Venezuelan society.

“Hermano,” directed by Marcel Rasquin in 2010, is about two young men who have been raised as brothers and look to their soccer skills as a way of getting out of their slum. While a scout is in town, an act of violence threatens to tear them apart.

The film has enjoyed a very successful career in film festivals around the world. It won the Special Jury Prize at the 2010 Havana Film Festival and the Colón de Oro in the Huelva Latin American Film Festival. It also bagged the Audience Award in the Moscow International Film Festival, Los Angeles Latino International Film Festival, and the 2011 Lima Latin American Film Festival.

“Hermano” will be shown on the 6th of December (Saturday), at 2 pm.

The film series will be closed by the movie “Patas arriba” (Alejandro García Wiedemann, 2011), screened the same day, at 4pm. In a small mountain town, the widow Renato teaches his six-year-old granddaughter the importance of the small things in life, the value of friendship and the respect towards other people’s views. Renato´s health is quickly deteriorating, so his daughters have decided to send him to a hospital against his will. But he has other plans. With the help of his granddaughter, he plans to escape and sail from Venezuela to Brazil, as he once promised to his deceased wife.

All movies will be shown in their original version in Spanish with English subtitles. The screenings will take place at the Salón de Actos of Instituto Cervantes, 855 T.M. Kalaw, Ermita, Manila.

Entrance is free admission on a first-come, first-served basis. For further information please log on to Instituto Cervantes’ website www.manila.cervantes.es or www.facebook.com/InstitutoCervantesManila, or call 526-1482.

source: entertainment.inquirer.net