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Hard night in different cities of Venezuela, with looting, protests and repression

Friday, January 27, 2017

Venezuela Is So Broke It Can’t Even Export Oil

leet of rundown Venezuelan oil tankers carrying some 4 million barrels of oil and other fuels is wallowing in the Caribbean Sea. Not because of bad weather, or mechanical problems, but because Venezuela’s state-owned oil company, Petróleos de Venezuela SA, doesn’t have the cash to get them to their final destinations. Beyond the obvious environmental risks, it’s doubly bad news for Venezuela, a country in dire economic straits and full-fledged crisis, with a political impasse, looting, dangerous food and health supply shortages, and massive protests. Venezuela is massively reliant on oil exports to bankroll government services. But the cash-strapped country can’t even find the money to service the vessels that carry its exports. And Venezuela needs the exports to get the cash to service the vessels. It’s a vicious circle. More…

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