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Venezuela’s Oil Production Is Collapsing
Wall Street Journal ^ | January 18, 2018 | Anatoly Kurmanaev and Kejal Vyas

Posted on 01/18/2018 6:39:06 AM PST by C19fan

Venezuela’s oil output is collapsing, making it unlikely the South American country can benefit from rising global prices for oil and increasing the chances of a debt default this year that could turn its economic crisis into a humanitarian disaster.

(Excerpt) Read more at wsj.com ...


TOPICS: Business/Economy; Crime/Corruption
KEYWORDS: socialism; venezuela
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Ate the seed corn.
1 posted on 01/18/2018 6:39:07 AM PST by C19fan
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To: C19fan

Good thing we don’t need it any more.


2 posted on 01/18/2018 6:40:35 AM PST by robroys woman (So you're not confused, I'm male.)
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To: C19fan

The only thing they have going for them is that there aren’t a lot of muslims there, or their goose would really be cooked.


3 posted on 01/18/2018 6:41:21 AM PST by robroys woman (So you're not confused, I'm male.)
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To: C19fan

Oh the joys of socialism. Sean Penn, where are you now?


4 posted on 01/18/2018 6:42:52 AM PST by donozark (Where in the world is MATT LAUER??)
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To: C19fan; Publius

Que es Juan Galto?............................


5 posted on 01/18/2018 6:46:25 AM PST by Red Badger (Wanna surprise? Google your own name. Wanna have fun? Google your friends names......)
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To: Red Badger

somebody needs to show them how to drill for oil.


6 posted on 01/18/2018 6:49:32 AM PST by mplc51
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To: C19fan

Wow - a almost perfect real-life enactment of the parable of the man who killed the golden goose. And how old is that parable?


7 posted on 01/18/2018 6:49:37 AM PST by ghost of nixon
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To: C19fan

Bye bye Cuba.


8 posted on 01/18/2018 6:51:21 AM PST by wardamneagle
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To: mplc51

Their problem is their oil.

It’s dirty with sulfur, which is expensive to remove, and it’s super thick, which makes it difficult to refine.

Their numero uno customer WAS the US. We had the refining processes and capability to handle its oil and not many others did.

We now don’t need their oil, since we have plenty of our own.

Their oil doesn’t sell readily on the world market, so they have surpluses they can’t sell.........................


9 posted on 01/18/2018 6:54:32 AM PST by Red Badger (Wanna surprise? Google your own name. Wanna have fun? Google your friends names......)
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To: C19fan

Don’t worry.

The Venezuelan crypto-currency will save them!

And it is backed by oil!

Oh wait...


10 posted on 01/18/2018 6:57:53 AM PST by 2banana (My common ground with terrorists - they want to die for islam and we want to kill them)
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To: donozark

Siberia without the snow and cold.


11 posted on 01/18/2018 6:57:58 AM PST by Don Corleone (.leave the gun, take the canolis, take it to the mattress.)
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To: Red Badger

Bingo. And Venezuelan oil is difficult to sell even to other South American markets, since we don’t know how many refineries in South America can process the high-sulfur/high-viscosity oil from this country. Worst of all, Chavez and Maduro drove out all the best petroleum engineers from the country, so Venezuela’s oil production infrastructure is falling apart, too.


12 posted on 01/18/2018 6:58:15 AM PST by RayChuang88 (FairTax: America's Economic Cure)
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To: C19fan

——Making matters worse, Mr. Maduro’s government jailed almost 70 senior managers on graft allegations in the past three months, appointing half a dozen generals with no industry experience to run the firm.-—

Seed Corn?

The farm has been destroyed. There can be no planting even if there is seed


13 posted on 01/18/2018 7:01:24 AM PST by Thibodeaux (2018 is looking good)
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To: RayChuang88

That’s Venezuela’s cash problem coming into focus, they have to buy light oil and couple that with their heavy crap to make it financially attractive.

They stole CITGO from the US Owners anyway so it is truly a just reward. ConocoPhillips still has first dibs on the CITGO carcass.


14 posted on 01/18/2018 7:02:24 AM PST by ImJustAnotherOkie
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To: Red Badger

Wasn’t Keystone finished meaning we can substitute heavy Canadian crude for Venezuala’s crude?


15 posted on 01/18/2018 7:13:06 AM PST by meatloaf
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To: meatloaf

Yes and the Bakken Shale oil as well...................


16 posted on 01/18/2018 7:14:44 AM PST by Red Badger (Wanna surprise? Google your own name. Wanna have fun? Google your friends names......)
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To: ImJustAnotherOkie

A local convenience store chain, Tom Thumb/Swifty Serve/ Jr. Foods stores, sells CITGO gas. I will not buy their gas........


17 posted on 01/18/2018 7:17:28 AM PST by Red Badger (Wanna surprise? Google your own name. Wanna have fun? Google your friends names......)
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To: donozark
Oh the joys of socialism. Sean Penn, where are you now?

Basking somewhere in the bright, warm sun of Capitalism.

18 posted on 01/18/2018 7:19:42 AM PST by Mr Ramsbotham (Laws against sodomy are honored in the breech.)
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To: C19fan

A whole lot of their skilled engineers have emigrated to Alberta since this regime took power.


19 posted on 01/18/2018 7:20:57 AM PST by Buckeye McFrog
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To: Red Badger
I read on a previous thread about Venezuela heavy oil is that it is used in USA by a few specialized refineries to make ashphelt, tar and other heavy products.

On a separate issue ..I was talking to a truck driver a couple of years ago...I think in Wyoming or Colorado...anywy he was hauling molten sulphur from a refinery for processing.

20 posted on 01/18/2018 7:22:44 AM PST by spokeshave (FBI = Feral Bureau of Insurrection)
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