A full-scale Venezuelan default could push up oil prices -

A full-scale Venezuelan default could push up oil prices

Credit: economist.com

  • Dec 07 2017 18:15About: 5 days ago
  • 13 views

Who believes in Nicolás?

ON NOVEMBER 30th, as oil tsars from the Organisation of the Petroleum Exporting Countries (OPEC) and Russia met in Vienna, Venezuela’s former oil minister, Eulogio del Pino, once one of their number, was seized by armed guards at dawn in Caracas, and taken to jail. His arrest was not publicly acknowledged in Vienna. His replacement, Manuel Quevedo, a general in the national guard, attended OPEC and was received with the usual deference.

Also unmentioned was how Venezuela, embroiled in a massive, messy debt default, is doing plenty of OPEC’s dirty work. Since November 2016, when OPEC first agreed with Russia to cut output to push up oil prices, Venezuela’s has fallen by 203,000 barrels a day (b/d), to 1.86m b/d in October. That is more than twice the cut it agreed with OPEC of 95,000 b/d.

If its production continues to fall—some analysts say it could be down to 1.6m b/d in 2018—it could either drive up...Continue reading

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believes Nicolás?ON NOVEMBER 30th tsars from Organisation Petroleum Exporting Countries (OPEC) Russia Vienna Venezuela’s former minister Eulogio Pino once their number seized armed guards dawn Caracas taken jail. arrest publicly acknowledged Vienna. replacement Manuel Quevedo general national guard attended OPEC received with usual deference.Also unmentioned Venezuela embroiled massive messy debt default doing plenty OPEC’s dirty work. Since November 2016 when first agreed output push prices fallen 203000 barrels (b/d) 1.86m October. That more than twice 95000 b/d.If production continues fall—some analysts could down 1.6m 2018—it either drive up...Continue reading

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