FIRST AIRED: January 16, 2017

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Transcript

00:00:02
>> Venezuela's unpopular president blaming cheap oil for a national crisis. Nicolas Maduro announcing Sunday his country raked in a staggering 60% less hard currency in 2016, compared to the year before. In light of the news, he says he's got a new plan to prop up oil prices replacing a standing deal by OPEC.
00:00:21
But whatever that plan is, the President is playing his cards close to his chest for now.>> Venezuela as of next week will circulate a letter with a new proposal, a new formula for the stability of prices that can be studied and debated by all governments that have signed this deal.
00:00:38
>> The original OPEC deal aimed to cut oil output by more than a million barrels a day for the first six months of 2017. Oil prices have fallen since mid 2014, and they're a make-or-break issue for Venezuela, which gets 90% of its export income from crude sales. The country is currently suffering from a brutal recession, with many people struggling with shortages of basic food, as inflation drags down minimum wages, sparking violent crime.
00:01:04
On Sunday, Maduro praised his people for their courage in 2016, a year the opposition spent trying to remove him, before authorities stepped in.