ON NOVEMBER 30th, as oil tsars from the
Organisation of the Petroleum Exporting Countries (OPEC) and Russia met in
Vienna, Venezuela’s former oil minister, Eulogio del Pino, once one of their
number, was seized by armed guards at dawn in Caracas, and taken to jail. His
arrest was not publicly acknowledged in Vienna. His replacement, Manuel
Quevedo, a general in the national guard, attended OPEC and was received with
the usual deference. Also unmentioned was how Venezuela, embroiled in a
massive, messy debt default, is doing plenty of OPEC’s dirty work. Since
November 2016, when OPEC first agreed with Russia to cut output to push up oil
prices, Venezuela’s has fallen by 203,000 barrels a day (b/d), to 1.86m b/d in
October. That is more than twice the cut it agreed with OPEC of 95,000 b/d. More…
Friday, December 8, 2017
A full-scale Venezuelan default could push up oil prices
ON NOVEMBER 30th, as oil tsars from the
Organisation of the Petroleum Exporting Countries (OPEC) and Russia met in
Vienna, Venezuela’s former oil minister, Eulogio del Pino, once one of their
number, was seized by armed guards at dawn in Caracas, and taken to jail. His
arrest was not publicly acknowledged in Vienna. His replacement, Manuel
Quevedo, a general in the national guard, attended OPEC and was received with
the usual deference. Also unmentioned was how Venezuela, embroiled in a
massive, messy debt default, is doing plenty of OPEC’s dirty work. Since
November 2016, when OPEC first agreed with Russia to cut output to push up oil
prices, Venezuela’s has fallen by 203,000 barrels a day (b/d), to 1.86m b/d in
October. That is more than twice the cut it agreed with OPEC of 95,000 b/d. More…
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