A 19 November national assembly vote giving Venezuelan president Nicolas Maduro sweeping extraordinary powers over the country’s crippled economy raises doubts over plans to revive $200bn of Orinoco oil projects. With local elections due on 8 December, Maduro has vowed to use his new power — essentially rule by decree — to vastly expand state control and regulation of the econ-omy, including more stringent capital controls, reduced access to hard currency, price controls on all goods and ser-vices and mandatory caps on corporate profits.
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