South American oil producer Venezuela continues to
experience deepening social unrest and economic collapse. The country, which
relies on oil revenues for 95 percent of its export earnings, has fallen into
humanitarian and constitutional crises that show no signs of ending. Protests
erupt on a daily basis, inflation has soared to as high as 720 percent, and oil
production is continuing its decline, exacerbated by disastrous policies. Some
analysts estimate that 2016 Venezuelan oil production could collapse by as much
as 20 percent year-on-year. The country’s leadership is obviously desperate for
higher oil prices and has even called for OPEC to deepen its production cut to
a massive 5 million barrels per day (mbd).More…
No comments:
Post a Comment