Venezuela aims to receive up to 10 billion U.S. dollars from oil exports in 2017 if international crude oil prices continue to rise, an official said on Saturday.

Jesus Faria, minister of foreign trade and investment, made the remarks at a business summit in the western state of Zulia.

He also praised President Nicolas Maduro’s efforts to secure a deal within the Organization of the Petroleum Exporting Countries (OPEC) to cut production and stabilize the global oil market.

“Oil prices have gone up, and an additional 8-10 billion U.S. dollars will come in, thanks to President Maduro’s oil policies,” Faria said.

He added that the upward trend of oil prices would help Venezuela to realize economic recovery but made it clear that actions needed to be taken on other exports as well.

“Our efforts are focused on the productive sectors of the economy and non-traditional exports,” Faria said.

The government has rolled out a new fiscal reform allowing exporters to keep 80 percent of their income generated by international sales, which is viewed as a stimulus to economic growth.

The reform was accompanied by a simplification of export procedures in Venezuela, which would allow producers to enjoy “shorter time, less cost and greater profit,” according to Faria. Enditem

Source: Xinhua/NewsGhana.com.gh

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.