Gotta Luv Summa This!

[SAYIT]

When last we heard from Venezuela's Prez he was embarking on a hat-in-hand tour of China and the Mideast looking for cash to keep his "Workers Paradise" afloat and to convince his fellow OPEC members to slash their production in an effort to raise the price of his oil. Sadly, he failed miserably and the price of oil fell another 8% while he was away. OPEC has had its influence over the global oil supply & price severely curtailed by 2 things it can't control ... diminished demand and surging North American production.


Venezuela s Asia Tour Backfires as Crude Extends Slump - Yahoo Finance
Venezuelan President Nicolas Maduro is winding down a tour of Asia and Russia that was intended to garner support for measures to bolster oil prices. A further 8 percent decline since the trip started suggests he failed.

Maduro plans to coordinate with OPEC and non-OPEC producers to create a "formula that impacts the oil market and restores the normalization of prices," he said Jan. 15 after meeting with Russian counterpart Vladimir Putin as the lowest prices in six years threaten both nations' economies. Crude extended declines after Maduro spoke.

 

[SAYIT]

Thanks to the new oil reality, most OPEC states as well as Russia are looking at slashing their budgets by 50%. That was money which bought peace on their streets and without it, look for massive social and political upheaval in those countries. Some will have to lease or sell oil rights to private or foreign companies just to stay afloat (pun intended). Life is about to get veeeery interesting.