Venezuela to introduce new tax on oil companies

Venezuela would move “very fast” to implement the new levy on oil profits while prices are high and would use proceeds for social programs, Ramirez said, speaking to reporters at a conference in Edmonton, Alberta. “We believe that the oil has to be used for the people in our country,” the minister said. “The international companies, with all the oil activity, have (done) a lot of damage.” The minister did not say how much he expected the new levy to raise in the country, the fourth-largest oil exporter to the United States.