The failure of Opec and non-Opec oil producers to strike an agreement in Doha 17 April to freeze production dashed Venezuela’s hopes for a strong market signal to prop up oil prices. President Nicolas Maduro’s government had hoped that an output freeze would double oil prices during the second half of the year. State-owned oil company PdV’s average weekly export price jumped to $32.10/bl during the week ending 15 April compared with $27.90/bl in the week ending 8 April, but the failure of the meeting to achieve a producer agreement on stalling oversupply removed the best hope the oil-reliant economy had for achieving a robust market recovery. Barring a lasting oil price rebound, the Maduro government and PdV appear to have moved closer to defaulting on over $5bn of combined foreign bond debt due during the rest of this year.
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