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Rafael Ramirez, former president of PDVSA, under investigation for corruption

Friday, March 31, 2017

Are Gulf Oil Producers Falling Into The ‘Venezuela Trap’?


Oman has struck a deal with several banks for a $4 billion loan to be repaid in future oil deliveries. Abu Dhabi signed a contract with commodity trading giant Vitol to supply it with over half a million tons of liquefied petroleum gas annually over the next decade in exchange for an upfront payment. According to the Wall Street Journal, other Middle Eastern producers are also considering oil-for-loan schemes, desperate for cash as oil prices stubbornly refuse to go up to the levels they need. Will these producers fall into the trap that has already claimed Venezuela?. More…

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