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ECONOMY

IMF forecasts drop in Venezuela's oil revenues

The body is to cut Venezuela's growth forecast for 2013

IMF's Research Department Division Chief Thomas Helbling did not reveal any growth figures for Venezuela (Photo: AFP)
EL UNIVERSAL
Thursday January 24, 2013  12:45 PM
In its World Economic Outlook Update report for 2013, the International Monetary Fund (IMF) cut by 0.3% its growth projection for Latin America and the Caribbean, and estimated growth in the region at 3.6%, AP cited. 

IMF's Research Department Division Chief Thomas Helbling said that economic growth forecasts for Venezuela may be cut down, yet he refused to disclose the estimated adjustment before the IMF issues its Global Economic Outlook.

The multilateral body also estimated that the price of the oil basket is to drop 5% in 2013 and 3% in 2014 to USD 100 and USD 97, respectively.

Helbling added that the decline of the oil price will imply "reduced revenues from oil exports, but I believe that the issue in Venezuela is not oil price, but the abatement of production and political uncertainly." 

According to the Venezuelan Government, the country's oil output stands at 3.1 million barrels per day, yet analysts believe that the real figure is lower considering that Venezuelan state-run oil company Pdvsa has focused on welfare programs in detriment of its core activities.

In a meeting held in October 2012, the IMF estimated Venezuela's growth at 3.3% in 2013.

Translated by Jhean Cabrera
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