Russians are struggling to make ends meet, as its economy continues to be pulled downward by the declining oil price and high inflation.
The temporary closure of one of the biggest North Sea oil pipelines gives some much-needed hope to OPEC oil producers after months of stagnant prices. So far Brent crude oil prices have not budged much.
The 14 members of the cartel have decided to extend oil output cuts until the end of 2018 under efforts to curb a global glut of crude. OPEC also said it could exit the deal earlier if the market overheats.
President Maduro has said that refinacing the country's hefty foreign debts is the only way to circumvent the effect of crippling US sanctions. He did however order the payment of one last major bond in full.
The new note unveiled by President Nicolas Maduro is meant to curb out-of-control inflation that has left the country reeling. Just one year ago, a 100 bolivar bill was the largest amount of cash on the market.
© 2017 Deutsche Welle |
Legal notice |
| Mobile version