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.