CARACAS, Venezuela, Dec. 31 (UPI) -- Venezuelan President Nicolas Maduro said he'd unveil economic reform efforts next year as an economy linked strongly to oil prices slips into recession.

The Central Bank of Venezuela said the collapse in oil prices was in part to blame for a 2.3 percent drop in third quarter gross domestic product. That marks three straight quarters of decline for the member of the Organization of Petroleum Exporting Countries.


With a reform agenda in mind, Maduro said that, with Venezuelan oil valued at around $46 per barrel, it was time to usher in an economic overhaul and a time for opportunity.

"Awareness and national unity are required," he said. "Widespread debate and national commitment are needed."

As part of the agenda, the president said he was appointing new members to the board of the state oil company, Petroleos de Venezuela, known commonly by the initials PDVSA.

Maduro met Tuesday with Central Bank President Nelson Merentes to discuss the steps needed to correct the economic decline, which includes changes to the country's exchange rate.

"The details of the exchange rate adjustment will be provided after year's end," the president said.

The president said reforms would be carried out in short-, mid- and long-term phases that include the creation of special economic zones and injecting more funds in state sectors that are performing well.

High inflation in the country is eroding consumer purchasing power. The Central Bank said the inflation rate during the fourth quarter was around 63 percent.

Oil sales were off 9 percent for the third quarter. Through September, the bank found the sale of oil and oil products was $58 billion, down about 9.4 percent year-on-year. Global oil prices have lost about half of their value since June, though Maduro blamed Western powers for the collapse.

The bear market for crude oil, he said, is part of a U.S. war meant to "destroy our independence."

Anti-government demonstrations began in Venezuela in February, with protesters calling for an end to goods shortages, inflation and high crime. Maduro's government blamed foreign-backed "fascists" for the unrest.