Venezuela Begins Mission to Request OPEC Cut Production
http://www.telesurtv.net/english/news/Venezuela-Begins-Mission-to-Request-OPEC-Cut-Production-20160201-0024.html
Venezuela’s Minister of Petroleum and Mining and President of the state-run PDVSA, Eulogio del Pino, began his trip to OPEC member and non-member countries in order to deliver a plan aimed at stabilizing global oil prices, which have plunged by more than 70 percent over the past 18 months.
Del Pino arrived in Moscow Monday and met with his Russian counterpart Alexander Novak. After his visit to Moscow, he will will continue on to Qatar, Iran and Saudi Arabia, which are among the world’s largest oil producers.
Venezuela has been calling for an emergency OPEC meeting since oil prices began falling in 2014. However, Saudi Arabia has been insistent on maintaining low prices due to increasing shale production in the U.S. and the competition of a post-sanction Iran entering the market...
OK. so what are Vz dollar-denominated treasuries
selling at?
100.par
50
2
.00000001
lower?
...Venezuela’s heavier oil fetches about $23 a barrel...
...its break-even production point of about $17 to $18 a barrel...
-
There was a time when 5 bucks a barrel was a decent profit,
but I guess not anymore; especially if you had your eggs
in one basket and become dependent on the higher profit.
What will they do?
Increase production = flood the market = drive prices down further...
Bad situation they have gotten themselves into.
I’m shocked. Who could have possibly seen this coming?
Two words: toilet paper.
5.56mm
Some interesting information: http://www.globalpetrolprices.com/Venezuela/gasoline_prices/