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Venezuela's government foresees a 27% increase in its income from state-run oil company PDVSA next year, according to a document seen by Reuters, after a relaxation in U.S. sanctions and amid planned presidential elections and stagnant production. The administration of President Nicolas Maduro estimates that its total spending next year will be equivalent to $20.5 billion, according to an unpublished 2024 budget proposal. Sanctions relief, which is set to last until April unless the U.S. backtracks, has increased prices for Venezuelan crude and analysts expect the income to lead to more social spending as the government tries to ensure support in the presidential vote, where Maduro is expected to run again.

Distrito federalUnited statesMayela armasNick zieminskiNicolas maduroJulia symmes cobbPresident nicolas maduroIl companyPresidential electionsSocial spendingProduction estimates