A 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…
Friday, January 27, 2017
Venezuela Is So Broke It Can’t Even Export Oil
A 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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