MEXICO CITY (Sputnik) – On January 15, Maduro signed a decree on a state of economic emergency in Venezuela, which will last for sixty days, in order to increase the fundamental indicators of production, product distribution, commercialization and price controls in the country amid a grave economic crisis.
Venezuela’s Supreme Court said in a Wednesday statement that the decree addresses the key issues of economic security and is in line with the country’s constitution.
Oil prices in the South American country have hit the lowest marks in 12 years over the past week dropping to $24 a barrel. Up to 96 percent of Venezuela’s budget depends on oil revenues.
Maduro accepted partial blame for the economic situation in the country in an address to the National Economic Council on Tuesday, stressing that Venezuela needs to replace all sources of income from oil with other sources.