Citing documents from PDVSA, Reuters reported today that the state-owned oil company is circumventing sanctions from the United States Treasury Department and has sent Cuba at least one million barrels of oil this week.
The report from Reuters claims that two oil tankers–the Trident Hope and the S-Trotter–left a Venezuelan port between Wednesday and Thursday of this week on a course towards Cuba, and that among them the two carry 1,000,000 barrels of oil.
Last week, the Treasury Department banned 34 PDVSA vessels from sending oil to Cuba. However, as Reuters pointed out, neither the Trident Hope nor the S-Trotter are on the list of sanctioned vessels.
National Assembly: Inflation Rate Slowing, Hits 18.1% in March
The National Assembly announced today that the inflation rate for March slowed in comparison to January and February of this year, hitting 18.1%. In January and February, the rate was 191.6% and 53.7%, respectively.
According to Angel Alvarado, who heads the legislature’s finance committee, the reason for the slowed increase in March has to do with the multiple days-long nationwide blackouts that had the effect of hitting the “pause” button on the country’s economy.
There was practically no economic activity in March. The country was paralyzed, and that evidently affected the variation in prices [in March].
The annual inflation rate–that is, the inflation rate for March 2018 to March 2019–sits at 1,623,656%.
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Note: Due to an overwhelming amount of work this week, the daily updates will not be as thorough as usual.