With the oil prices tumbling downward, people in certain countries like India are rejoicing. But there are some who are feeling the brunt of the dipping prices, as members of the Organization of Petroleum Exporting Countries (OPEC) have declined to cut their oil production to help the prices rise.
The Venezuelan president’s five-country tour to arrest the effects of the tumbling oil prices that have severely dented the economic situation in his country is expected to accomplish two things. Firstly, to receive monetary loans payable in oil future contracts. Second, to exhort other member countries to cut back on the extent of their oil production.
Venezuela’s economy is highly dependent on the revenues received from the export of its oil. In the wake of the steeply declining oil prices, the country has struggled to keep itself afloat. However, it has now become imperative that strict measures be taken to avoid other....
