Venezuela’s International Reserves Rose Slightly in 2014

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CEIC Macro Watch Global #41 - February 27, 2015 Despite falling global crude oil prices, Venezuela’s international reserves marked a modest 2.7% increase in 2014 resulting in foreign reserves totalling USD22.53 billion as at January 2015. The recent upturn, however, proved incapable of compensating for the tremendous drop in 2013, when the country lost nearly one-third of the value of its international reserves. One of the main contributing factors to this large downward shift in reserves was the poor performance of its oil industry, which provides one of the main sources of foreign exchange revenue for Venezuela. Petroleos de Venezuela SA (PDVSA), Venezuela’s state-owned oil company, reported its lowest production levels since 2003, pumping 2.9 million barrels/day in 2013. In line with the falling output, PDVSA’s exports of petroleum products declined by 5.6% year-on-year, thus lowering its external receipts. With world crude oil prices depressed relative to mid-2014, foreign receipts are anticipated to remain sluggish, raising fears of a further deteriorating fiscal deficit and worsening external imbalances. By Emmanuel Penetrante in the Philippines - CEIC Analyst Discuss this post and many other topics in our LinkedIn Group (you must be a LinkedIn member to participate). Request a Free Trial Subscription. Back to Blog

2nd March 2015 Venezuela’s International Reserves Rose Slightly in 2014

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