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 ...
Hey Madero, plant a BIG bomb at an OPEC meeting. That should do the job. Oh, and make sure you’re there too.
Between him and Chavez, oil production has been pretty much messed up plus they have to give up oil to the “colonial power”, their masters in Havana.
He’ll be the head clerk for the country of Venechina soon.
OPEC is looking to kill American and Canadian shale and fracking by lowering prices to the point those processes become very unprofitable. What they do not understand is that the shale and fracking processes are not unlearned. Once prices rise they become profitable again and keep OPEC and Russia from blackmailing the industrial west.
Why would Saudi be so different from Kuwait and Qatar?
(more overhead to support? )
bump
yep
his dysfunctional paradise
This is not just the cost of producing a barrel of oil, it is how much they need to sell that barrel of oil to support their budgets. Most OPEC countries use their oil money as a spigot of social spending. Saudi Arabia must be spending more than Kuwait does on its social spending.
And they’ll screw the Chinese just as every Communist always screws their “investors.”
What, is China going to invade V and take their oil by force?
OPEC doesn’t have as much power over oil prices as everyone seems to think.
At the end of the day each OPEC member sells every barrel of oil they pump, regardless of quota. They want every *other* member to follow the so-called quotas.
From the leader of a socialist country that can’t stock shelves with either bread or toilet paper... Methinks they have fully embraced the FAIL....
Thanks.
Makes sense.
As Lee Iacocca famously said “our costs walk in on two legs every day”
He can try using what cash he has left to further underwrite the environmentalists’ wacky agenda.
They have a bus driver for president, almost like Ralph Kramden!
Only Alice would have sent this jamoke to the moon at their first meeting.
Nice job, Maduro, you flaming socialist idiot.
President Maduro needs to buy fancy toilet paper holders for all of his citizenry to take their mind off of this, much like Castro did with free rice cookers...
*SNICKER*
Commies look doubly STUPID when the money runs out. But then they turn mean...
Down Memory Lane: http://luismgarcia.blogspot.com/2007/03/remember-rice-cookers.html
Good luck with that Maduro. Venezuela is well on its way to 4th world.
Very clumsy wording for sure. I think he had the idea right but expressed it poorly.
Reducing output would have increased prices, if they had done it, which they didn’t. :=)
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