Falling oil prices mean that quite a number of OPEC members are on the ropes with their economies taking a battering.
President Nicolas Maduro of Venezuela has declared a state of emergency in the wake of a grinding economic recession.
President Maduro announced the economic emergency at his State Of The Union address yesterday. The
60 day emergency period which will see the president exercise wider powers to control access to currency is to “protect the societal rights to education, health, housing, and recreation for all Venezuelans.”
Inflation is up to 141.5% in Venezuela as Maduro is expected to announce more economic reforms next week.
Cash strapped Venezuela also looks set to remove subsidies on fuel prices as a fall in the Global price of oil means that the nation needs to shore up dwindling foreign reserves.