Oil-rich Venezuela is in no position to weather the price crash (photo: dpa)

Oil price crash will challenge Latin America’s major producers

Plunging oil prices will affect Latin America’s major producers – including Mexico, Colombia, and OPEC members Ecuador and Venezuela – in different ways. There is no sign of a permanent drop in demand; prices will probably remain low for a year or two, and the first three of those countries should be able to cope. But Venezuela is in no position to weather the crash - its economy was facing collapse even when the price of a barrel was above US$100.

THE RECENTprecipitous decline in the price of oil has changed the energy panorama in Latin America. The energy-producing countries can be split into three groups - tho...

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Dr. Noel Maurer
The Colombian government has already moved to combat the shortfall, pushing through a US$22.3 billion tax hike over four years including a temporary wealth tax on businesses and individuals
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