Posted on 09/08/2014 8:03:07 AM PDT by SeekAndFind
The management acumen of Venezuela’s President Nicolas Maduro continues to amaze. Reuters:
Algeria is in talks to export crude oil to fellow OPEC member Venezuela, Algerian Energy Minister Youcef Yousfi said on Tuesday, confirming a Reuters report.
Last week, a document from Venezuela’s state-run energy company PDVSA seen by Reuters showed Venezuela was considering importing crude oil for the first time and could use Algerian light crude as blending stock to boost sales of its own extra-heavy oil.
“Yes, we are in talks,” Yousfi told Reuters when asked whether Algeria was planning to export crude oil to Venezuela. He declined to provide details.
More details come care of the Miami Herald:
It turns out that Venezuela’s own production of light crudes has plummeted since the late President Hugo Chávez took office in 1999, and the country desperately needs light crudes to blend with its Orinoco Basin extra heavy crude oils. Without such a blend, the Orinoco Basin’s extra heavy crude is too dense to be transported through pipelines to Venezuelan ports and exported abroad.
Venezuela’s oil production, which accounts for 95 percent of the country’s export earnings, should be used in world classrooms as a textbook case of what happens when a populist government starts distributing a country’s wealth in cash subsidies, without investing in maintenance and innovation. Much like happened with Cuba’s once flourishing sugar industry, Venezuela’s Chávez-inspired populism has destroyed the goose that laid the golden eggs.
(Excerpt) Read more at americanthinker.com ...
Whoever supplies it better get their money up front.
Ah.
A problem with the Orinoco Flow.
Someone said if the socialists took over the Sahara, there would soon be a shortage of sand...
Send Sean Penn down there to show them how its done.
Related thread this morning
Venezuela Set To Import Oil
http://www.freerepublic.com/focus/f-news/3201685/posts
The Orinoco Belt is the heavy oil. The problem that is currently growing is other areas of production, that are used to dilute the Orinoco heavy oil, have reduced to the point where there is barely enough to dilute the Orinoco production.
This appear to be more an issue of declining production in the Maracaibo basin, rather than the Orinoco Belt.
But they don't need to feel bad because their intentions were good, and they are able to feel good about themselves, and it only failed because it wasn't done right.
That won’t stop Argentina from implementing Venezuela system. Soon they’ll be importing beef and wheat.
Someone said if the socialists took over the Sahara, there would soon be a shortage of sand...
I’ve heard this one as well:
If the Socialists took over an island in the south pacific there would soon be a shortage of saltwater...
Bump
When your mind is rooted in the idea that somehow a few people should rule a finite amount of resources and that people cannot be trusted, and you dumb them down with your fake educations and limit speech (press) and give bad, but free healthcare, nothing improves.
The idea that my neighbor and I should share everything equally is a false as sending my dog on Marine 1 alone to meet me for vacation.
They have been importing refined gasoline forever.
Very true! They never pay their debts, they can’t pay their debts.
Plus they heavily subsidize gasoline, they sell it for pennies a gallon.
The state-owned oil company hired 25,000 Chavstas for do-nothing jobs. These are the thugs and commie organizers paid this way while doing nothing.
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