Posted on 01/18/2018 6:39:06 AM PST by C19fan
Venezuela’s oil output is collapsing, making it unlikely the South American country can benefit from rising global prices for oil and increasing the chances of a debt default this year that could turn its economic crisis into a humanitarian disaster.
(Excerpt) Read more at wsj.com ...
Good thing we don’t need it any more.
The only thing they have going for them is that there aren’t a lot of muslims there, or their goose would really be cooked.
Oh the joys of socialism. Sean Penn, where are you now?
Que es Juan Galto?............................
somebody needs to show them how to drill for oil.
Wow - a almost perfect real-life enactment of the parable of the man who killed the golden goose. And how old is that parable?
Bye bye Cuba.
Their problem is their oil.
It’s dirty with sulfur, which is expensive to remove, and it’s super thick, which makes it difficult to refine.
Their numero uno customer WAS the US. We had the refining processes and capability to handle its oil and not many others did.
We now don’t need their oil, since we have plenty of our own.
Their oil doesn’t sell readily on the world market, so they have surpluses they can’t sell.........................
Don’t worry.
The Venezuelan crypto-currency will save them!
And it is backed by oil!
Oh wait...
Siberia without the snow and cold.
Bingo. And Venezuelan oil is difficult to sell even to other South American markets, since we don’t know how many refineries in South America can process the high-sulfur/high-viscosity oil from this country. Worst of all, Chavez and Maduro drove out all the best petroleum engineers from the country, so Venezuela’s oil production infrastructure is falling apart, too.
——Making matters worse, Mr. Maduro’s government jailed almost 70 senior managers on graft allegations in the past three months, appointing half a dozen generals with no industry experience to run the firm.-—
Seed Corn?
The farm has been destroyed. There can be no planting even if there is seed
That’s Venezuela’s cash problem coming into focus, they have to buy light oil and couple that with their heavy crap to make it financially attractive.
They stole CITGO from the US Owners anyway so it is truly a just reward. ConocoPhillips still has first dibs on the CITGO carcass.
Wasn’t Keystone finished meaning we can substitute heavy Canadian crude for Venezuala’s crude?
Yes and the Bakken Shale oil as well...................
A local convenience store chain, Tom Thumb/Swifty Serve/ Jr. Foods stores, sells CITGO gas. I will not buy their gas........
Basking somewhere in the bright, warm sun of Capitalism.
A whole lot of their skilled engineers have emigrated to Alberta since this regime took power.
On a separate issue ..I was talking to a truck driver a couple of years ago...I think in Wyoming or Colorado...anywy he was hauling molten sulphur from a refinery for processing.
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