Venezuela is a BIG DEAL
Posted: Tue Aug 08, 2017 10:26 am
The oil drama in Venezuela continues as Repsol (MC:REP) SA (OTC:REPYY) and Statoil (NYSE:STO) move to pull oil workers from Venezuela as the country becomes less stable and may be on a path towards civil war.
Saudi Arabia’s Saudi Aramco said it is cutting supply to its customers by at least 520,000 barrels per day (bpd) in September raising expectations that OPEC will get its compliance issues under control and start to rein in Libya and Nigerian production.
The oil companies are starting to flee Venezuela. Bloomberg News reported that Repsol pulled all foreign workers from its fields in Venezuela, and that Norway’s Statoil ASA also removed all expat staff. The exit of oil workers is a major blow to the Maduro government as the lack of foreign expertise will lead to further drops in their oil production and raise the possibility of bond defaults as Venezuela's cash cow starts to run dry due to ignorance and stupidity.
READ: https://www.investing.com/analysis/the- ... -200205944
Saudi Arabia’s Saudi Aramco said it is cutting supply to its customers by at least 520,000 barrels per day (bpd) in September raising expectations that OPEC will get its compliance issues under control and start to rein in Libya and Nigerian production.
The oil companies are starting to flee Venezuela. Bloomberg News reported that Repsol pulled all foreign workers from its fields in Venezuela, and that Norway’s Statoil ASA also removed all expat staff. The exit of oil workers is a major blow to the Maduro government as the lack of foreign expertise will lead to further drops in their oil production and raise the possibility of bond defaults as Venezuela's cash cow starts to run dry due to ignorance and stupidity.
READ: https://www.investing.com/analysis/the- ... -200205944