Venezuela boosts oil exports amid US sanctions

Tankers loading at the pier in an aerial shot at Puerto La Cruz, Venezuela (Shutterstock)
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Updated 04 January 2022
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Venezuela boosts oil exports amid US sanctions

Venezuela doubled its crude oil exports to reach an average of 619,000 barrels a day during December despite US sanctions, Bloomberg reported.

The US has imposed sanctions prohibiting its citizens from doing business with the Venezuelan oil sector — a move which saw exports from the South American country hit a 77 year low in 2020.

The recent increase in exports were helped by Iran, which provided assistance to help with oil production under a deal struck in 2021.

The increase in exports is attributed to the 50 percent surge of benchmark Brent oil as of last year along with the increased global demand amid pandemic recovery.

Nevertheless, the OPEC founding member is uncertain whether the jump in supply will be sustainable as top buyer China continues to cut crude oil imports.


Saudi finance ministry, IMF to launch AlUla conference for emerging market economies

Updated 07 February 2026
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Saudi finance ministry, IMF to launch AlUla conference for emerging market economies

RIYADH: The Saudi Ministry of Finance and the International Monetary Fund (IMF) will launch on Sunday the second edition of the annual AlUla Conference for Emerging Market Economies. 

Launched first in 2025, the conference this year brings together economic decision-makers, finance ministers, central bank governors, leaders of international financial institutions, and a select group of experts and specialists from around the world.

The conference, which will be held on Feb. 8 and 9, is going to highlight the rapid transformations occurring in the global economy and the challenges and opportunities they present for emerging market economies, particularly in the areas of international trade, monetary and financial systems, and macroeconomic policies.