Venezuela is among the top 10 countries in the world with high rates of subsidies. Taking as reference the database of the IEA (2011), subsidies in Venezuela reach 20 billion US dollars, equivalent to 7% of GDP, or in per capita terms $690 per person. 86 percent of these subsidies are allocated...

Venezuela is one of the countries with high levels of subsidies to the domestic energy consumption. Studies reveal that these subsidies amounted to 15 billion dollars in 2010 and threaten the strength of the energy sector (Villarroel (2012)). Energy prices have indeed been frozen since the 90s...

OPEC claims that the aim of this organization is to coordinate and unify the petroleum policies among its member countries to ensure a secure and stable income provision to its member countries; an efficient, economic and regular supply of petroleum to consuming nations; and a fair return on...