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The 1988 Elections
CHAPTER 3 THE PETROLEUM INDUSTRY IN VENEZUELA
The Structure and Objectives of the New State Oil Company
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50 per cent adjustment agricultural aluminium average balance of payments bolivar Caldera capital flight Carlos Andres Perez cent of GDP central forecast commercial banks Copei countries crisis crude current account deficit decline demand democracy devaluation dollar domestic economic elections exchange rate external debt finance fiscal forecast period GDP growth government's Herrera Campins imports increase industry inflation interest rates international reserves Jaime Lusinchi labour Latin American Leoni liberalisation loans Luis Herrera Campins Lusinchi administration major medium term mn b/d mn tons nationalisation OECD oil companies oil price oil revenues oil sector oil shock Opec Orinoco belt output party PDVSA petrochemicals petroleum political presidential price controls production programme projects public investment public sector public sector deficit Rafael Caldera raised real terms reduced reform rise Source steel subsidies Table tariff trade Venezuela Venezuela's debt Venezuelan economy wages World Bank