Venezuela to suffer little from US woes – minister

CARACAS, Jan 24 (Reuters) – Problems in the U.S. economy will not hurt Venezuela in the short-term but could lower prices of the OPEC nation’s vital oil exports, Venezuela’s economy minister Rafael Isea said on Thursday.

Isea told reporters that an economic downturn could affect demand for crude oil, but added its effect on Venezuela’s basket of crude oil and refined products should not be “severe.”


He said a U.S. economic downturn could indirectly affect Venezuela by lowering the demand for crude oil, but said this would not have a large effect on the prices of Venezuela crude oil.

“Oil prices will adjust, we do not believe that adjustment will be severe because there are economies that continue to maintain (growth)” such as India and China, Isea said.

Reuters