Saturday, December 13, 2014

With Oil Prices Falling Venezuela Needs China More Than Ever

Venezuelan President Nicol├ís Maduro had a Plan B in the event the Organization of Petroleum Exporting Countries declined to back his country’s proposal to cut output to boost prices. The day after OPEC’s Nov. 27 decision to maintain production at current levels, a move that drove oil prices to new lows, a somber-looking Maduro went on national television to tell the Venezuelan people he was dispatching Finance Minister Rodolfo Marco Torres to Beijing. Torres spent the first week of December in China, during which he tweeted photos of his meetings with Chinese officials and bankers.

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