Wednesday, 20 November 2013 14:01

Special powers for President Nicolas Maduro

President Nicolas Maduro will be able to govern without consulting Congress for 12 months.

 The president says the aim of the new powers is to tackle the economic crisis.  

Maduro is attacking the country's producers and businesses to boost his United Socialist Party of Venezuela for local elections.

The deeply divided oil-producing country is going to the polls on 8 December .

Former President Hugo Chavez, resorted to Enabling Acts four times during his 14 years in power.

Venezuela’s crude oil exports fell 12 per cent to 1.38 million barrels a day (bpd) in September. According to Venezuela state oil company Petroleos de Venezuela, SA (PDVSA), Venezuela’s oil exports in September averaged US$103.12, which was $7.63 below Opec’s average price for September exports of US$110.75.

Last week, Venezuela auctioned off 300,000 barrels of Bachaquero crude on the open market. It was reported that the shipment was sold at US$20.50 below Brent’s oil price and that two other shipments of heavy Laguna and Bachblend were also sold at a low price to US company Houston Refining. 

source: Guardian ,  BBC 

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