Posted on 11/29/2014 4:40:56 PM PST by blam
Linette Lopez
November 28, 2014
In a passionate speech on Thursday, Venezuelan President Nicolas Maduro vowed that he would not rest until oil prices were back to "where they should be," reports Venezuelan paper, El Universal.
For Maduro's purposes, that's at about $100 a barrel.
"We will maintain the depth and rhythm of our investments into society," Maduro said speaking at a military celebration. "The best response in the face of obstacles is to come together in work, in struggle — it is to have discipline.
On Thursday OPEC leaders agreed not to reduce global oil output, thereby increasing the price of the commodity. As a result, oil stocks crashed, and the price of oil continued its months-long slide.
For Venezuela, that means the commodity that makes up 95% of its exports is not bringing in enough cash to support the investments Maduro was talking about — social programs dating back to the late-Hugo Chavez's regime, ranging from education to social welfare.
(snip)
(Excerpt) Read more at businessinsider.com ...
Nicolas can end all production, that might raise prices a bit, but I fail to see how that helps his country. lol.
It sucks to be a communist and find out oil going to crash to $60 a barrel.
Too sad, too bad for Maduro.
$2/bbl.
Which is where they will be when nuclear/thermonuclear becomes available. Which is inevitable.
Just how is this idiot socialist going to raise oil prices? Fool. Maybe their ongoing problems will help Venezualans see that socialism is stupid.
The really good part is that their new “bestie” customer is gonna be a country with mafia business practices and 1.5b expendable people to back them up. Same for the towelheads in the middle east.
Venezuela has been getting loans from China, with their oil as collateral. I don’t know the terms, but I suspect China had some pretty tough terms. Pretty soon it may be China’s oil, and the Venezuelans just live on top of it.
And here I was thinking oil prices are getting to where they should be, even though I’m still paying way too much for diesel.
Oil has financed criminal government in Venezuela long enough. Let the people revolt. Let them fight for the right to have toilet paper again.
The sounds a desperate politician makes shortly before ...
What the little commie means is that they are not where he wants them to be so he can support his little paradise.
We need to increase the intelligence of reporters.
Market forces crush the socialist dream. It’s a thing of beauty.
He could stop selling all his oil to help get prices back up. Let us know how that works out for you Hugo.
Lowering the price of the commodity.
You reduce production to increase the price of a commodity by making it scarcer and driving up demand for it.
Good to know they’re ignorant of economics at OPEC.
All the smart ones left the country.
Just like in Cuba and the Northeast USA, all that’s left is mostly marxist freeloaders and communist party bosses pulling the strings.
OPEC gets it.
The reporter and his editor are the idiots
Huh? How is selling cheap oil in a glutted market turning a profit?
Maybe he should centrally plan and set the price of oil wherever he wants to set it, like he did with toilet paper and other essential goods.
Good luck with that. Sort of like watching a train bear down on a car stuck on the tracks.
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