Venezuela Will No Longer Depend On Oil
The Venezuelan President said that a new diversified economic model has started operating in the state, which will ensure its independence from oil revenues. His speech was broadcast on his blog on Twitter. According to Maduro, Venezuela will no longer depend on oil. He assured that Venezuela is already undergoing a stage of economic diversification and independent productive growth.
Maduro noted that it is necessary to improve strategic planning, management of processes for growth in order to ensure all links of the production process and provide the domestic market, as well as open international markets for all Venezuelan industries, both public, mixed and private, enterprises of all sizes and types. Venezuela will begin exporting cement to the Caribbean in 2022 after the domestic construction program is secured, the president said.
Due to the US sanctions, Venezuela has lost not only access to many foreign markets, but also the ability to dilute its heavy oil. Therefore, the regime of Maduro is forced to sell it at prices much lower than market prices. As a result of the economic crisis and sanctions, oil production in Venezuela fell to its lowest level since 1944. The cut in production is partly due to the fact that Venezuela is running out of storage space due to declining exports.