Los Angeles, March 22nd 2017 (venezuelanalysis.com) - Venezuelan Minister of Finance, Industry and Commerce Ramón Lobo confirmed in an interview published Tuesday that the South American nation’s oil company PDVSA will successfully pay its $USD 17 billion in bond payments this year due to a rise in oil prices, reports Reuters.

In January, oil prices rose to $USD 58 per barrel; however, in March prices dropped to $USD 48.04 reflecting a three-month low.

"If we managed to pay last year, which was a harder and trickier year, we'll certainly achieve it this year," Lobo expressed in an interview with the Bolivarian government run newspaper Correo del Orinoco.

In addition, Lobo assured that Venezuela will meet “its international commitments, despite a right wing campaign to discredit [Venezuela].”

In 2016, Venezuela reduced its financial debt by six per cent compared to 2015 and negotiated a postponement of $USD 2.8 billion in payments that are now due in 2020.

In the last few years, Venezuela has been deeply affected by the drop in global oil prices spiraling into an economic crisis in the country.

Last year, the drop in global crude prices contributed to an accelerated use of Venezuela’s foreign currency reserves resulting in an historical drop to under $USD 12 billion.