{"id":29731,"date":"2019-02-05T11:25:15","date_gmt":"2019-02-05T10:25:15","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=29731"},"modified":"2019-02-05T11:25:15","modified_gmt":"2019-02-05T10:25:15","slug":"oil-hits-64-on-venezuela-crisis","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/oil-hits-64-on-venezuela-crisis\/","title":{"rendered":"Oil Hits $64 On Venezuela Crisis"},"content":{"rendered":"

N<\/strong>igeria\u2019s budget 2019 yesterday got a boost as oil prices surged to a two-month high as ongoing crisis sweeping Venezuela continues to have a huge impact on global commodity markets.<\/p>\n

Brent crude futures yesterday rose to $64 a barrel as the Organisation of Petroleum Exporting Countries (OPEC)-led supply cuts and sanctions from the US against the country\u2019s petroleum industry offset forecasts of weaker demand and an economic slowdown.<\/p>\n

The budget currently under the consideration of the National Assembly, has $60 oil benchmark. Analyst say the Federal Government will not only have the cash to implemenet the budget which has the largest capital project component in the history of the oil rich nation, the excess crude account will witness a big boost.<\/p>\n

The sanctions came into force yesterday and ban US companies from exporting goods or services to the country\u2019s state-run oil company, Petroleum of Venezuela (PDVSA). Spot gold also fell slightly by 0.5 per cent to $1,310.76 per ounce \u2013 its lowest level in nearly a week.<\/p>\n

Yesterday, 10 European countries joined the US in recognising opposition leader Juan Guaido as Venezuela\u2019s interim president, heightening a global showdown over Nicolas Maduro\u2019s socialist rule.<\/p>\n

The coordinated move from Britain, France, Spain, Germany, Portugal, Sweden, Denmark, Austria, the Czech Republic and the Netherlands came after the expiry of an eight-day ultimatum for Mr Maduro to call a new election.<\/p>\n

The US is Venezuela\u2019s biggest oil customer, accounting for 39 per cent of the OPEC nation\u2019s deliveries last year, according to ClipperData.<\/p>\n

Russia and China, which have poured billions of dollars of investment and loans into Venezuela, are supporting Mr Maduro in its geopolitical feud with the US.<\/p>\n

The embattled President has told his US counterpart to stop his \u201cdirty\u201d imperialist conspiracy to overthrow him. Maduro also rejected European calls for fresh elections.<\/p>

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Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

Speaking to Spanish journalist Jordi Evole, he raged: \u201cStop, stop, Trump! Hold it right there!<\/p>\n

\u201cYou are making mistakes that will leave your hands covered in blood and you will leave the presidency stained with blood.<\/p>\n

\u201cI refuse to call for elections now \u2013 there will be elections in 2024. We don\u2019t care what Europe says.\u201d<\/p>\n

Maduro was accused of running the oil-rich country of 30 million people like a dictatorship and destroying the economy, but has continued to defy them.<\/p>\n

Last month, Mr Guaido declared himself temporary leader in a move that has split opinion across the world and brought rioting Venezuelans onto the streets.<\/p>\n

US President Donald Trump immediately recognised him as leader but European Union countries have not been so quick to follow suit.<\/p>\n

Mr Maduro replaced former President Hugo Chavez in 2013 following his death but he has seen Venezuela\u2019s economy collapse along with the exodus of three million of the country\u2019s people.<\/p>\n

He has accused the US of waging an \u201ceconomic war\u201d on Venezuela and harbouring coup pretentious in order to gain control over its highly-valued oil.<\/p>\n","protected":false},"excerpt":{"rendered":"

Nigeria\u2019s budget 2019 yesterday got a boost as oil prices surged to a two-month high as ongoing crisis sweeping Venezuela continues to have a huge impact on global commodity markets. Brent crude futures yesterday rose to $64 a barrel as the Organisation of Petroleum Exporting Countries (OPEC)-led supply cuts and sanctions from the US against …<\/p>\n","protected":false},"author":6,"featured_media":16676,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,1593,17,624],"tags":[5213],"coauthors":[2391],"class_list":["post-29731","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-metro","category-news","category-politics","tag-venezuela"],"yoast_head":"\nOil Hits $64 On Venezuela Crisis - National Wire<\/title>\n<meta name=\"description\" content=\"Nigeria\u2019s budget 2019 yesterday got a boost as oil prices surged to a two-month high as ongoing crisis sweeping Venezuela continues to have a huge\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/oil-hits-64-on-venezuela-crisis\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil Hits $64 On Venezuela Crisis - 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