>> 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.
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.
>> 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.
On Sunday, Maduro praised his people for their courage in 2016, a year the opposition spent trying to remove him, before authorities stepped in.