What will Chavez do without 7-11's contract with Citgo? That has to take 20 million gallons of gasoline each month off his sales charts. 7-11 has 30,000 stores many have gasoline - lets say 15,000 @ 100 gallons each day that is 1.5 millon gallons a day. It is hard to find that kind of customer without cutting your prices. Watch for a small war.
China will buy it.
Good point. It's rather humerous that Chavez is cutting his production by 50,000 barrels. Wonder if the real reason for the cut is that lack of demand for Citgo. I, for one, would like to see him keep reducing his oil production as it would reduce his financial power.