MEXICO CITY (Sputnik) – Oil prices in the South American country have hit the lowest marks in 12 years over the past week at $24 per barrel. Up to 96 percent of Venezuela’s budget depends on oil revenues.
"I assume my fault," Maduro addressed the National Economic Council, as quoted by the el Nacional daily late Tuesday. "Let’s assume today a commitment of national character and patriotism for action."
Maduro expressed confidence that Caracas is "full of momentum" to pull out of the economic catastrophe.
"We have to replace all sources of income from oil with other creative and productive sources."
Maduro declared a 60-day national emergency over the weekend, to increase the fundamental indicators of production, product distribution, commercialization and price controls.