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Venezuela state oil company PDVSA reports sharp drop in revenues
Venezuela's state-owned oil company PDVSA revealed on Saturday that its revenues have dropped sharply, spelling bad news for a crisis-torn country heavily reliant on its exports of crude oil.
Revenues in 2016 slumped 33.5 percent compared to the previous year, the company said in a report published on its website.
PDVSA registered $48 billion in income for last year, compared to $72 billion in 2015.
The average price of a barrel of Venezuelan crude declined 21 percent to $35.15 in 2016, down from $44.65 in 2015, it said.
https://www.yahoo.com/news/venezuela-state-oil-company-pdvsa-reports-sharp-drop-190355747.html
