Post #1429

The recovery of sale prices has seen the Venezuelan government project a 27 percent increase in oil revenues for 2024. Reuters reported that next year’s budget forecasts $11.9 billion in income from PDVSA, up from $9.34 billion in the 2023 projections. The Venezuelan National Assembly approved a $20.5 billion 2024 budget on Thursday, up 39 percent compared to 2023. However, the estimations are made in bolívares and currency devaluations force recurrent adjustments throughout the year. The Venezuelan government pledged that over three-quarters of the budget is earmarked for social spending. Apart from the oil sector, PDVSA has additionally looked to court investment for natural gas projects. Unlike for oil ventures, Venezuelan legislation does not require that PDVSA hold a majority stake in gas projects. https://venezuelanalysis.com/news/venezuela-oil-output-struggles-govt-eyes-bigger-revenue-in-2024/