The Executive Vice President of Venezuela participated in the World Retail Congress 2025 at the Pestana Hotel in Caracas. Photo: Social Media.
Guacamaya, June 6, 2025. Executive Vice President Delcy Rodríguez announced on Wednesday that foreign currency allocated for imports will be rationed to prioritize essential needs, such as food, medicine, and production supplies.
Rodríguez, who also serves as Sectoral Vice President for Economy and Minister of Hydrocarbons, attributed the shortage of foreign currency to a global drop in oil prices and “mafias” that “interfere in the exchange market.”
Speaking at the World Retail Congress 2025 in Caracas, she mentioned an “overheating of the economy,” referring to inflation, though this is largely a result of the sharp devaluation of the bolívar in recent months.
Rodríguez reiterated her support for price controls, stating, “We remain on the path of agreed-upon prices. That is the way forward.”
According to the Vice President, Venezuela has not experienced a decline in hydrocarbon production. Instead, the lack of foreign currency stems from a 24.4% drop in global oil prices “in recent months.”
The price of Brent crude, a global benchmark, averaged $79 per barrel in January but fell to $64 in May. Meanwhile, Venezuela’s Merey crude has been trading at more than $12 below Brent, and this discount could widen significantly due to tightening sanctions.
During the same event, Rodríguez claimed that “in 2025, oil activity grew by 18.23%; mining by 13.46%; trade and repair services by 8.23%; and manufacturing by 5.77%.”
