Venezuela's president sees no oil price recovery this year

Venezuela President Nicolas Maduro said on Monday night there was no recovery in oil prices forecast this year, stressing the OPEC country's dwindling dollar income should be "correctly" administered.

"This year there's no recovery in oil prices forecast. We've done everything but unfortunately the incorrect strategy of President (Barack) Obama's advisers has led to fracking.... flooding the world's oil markets," he said during an hours-long speech at a military event.

Maduro said his socialist government's social programs would continue even if oil prices were to sink to $20 per barrel, though he called on his Finance Minister Rodolfo Marco to "correctly" administer the country's dollars.

His comments come days after the government passed a measure that restricts supply of hard currency for foreign travel, potentially improving the country's capacity to pay debt.

http://news.yahoo.com/venezuelas-president-sees-no-recovery-oil-prices-013552649--finance.html