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Did Hugo bite off more than he can chew ?

Discussion in '2006 Archive' started by Bro. Curtis, May 4, 2006.

  1. Bro. Curtis

    Bro. Curtis <img src =/curtis.gif>
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    LINL



    Venezuela Buys Oil to Meet Contracts
    Dr. Joe Duarte Tuesday, May 02, 2006


    A Sudden Plunge In Production?
    Is Venezuela's oil production rapidly waning? One source reports that the world's fifth largest oil producer is showing signs of a rapid decrease in production, one of the key tenets of the peak oil theory.

    Venezuela is buying oil from Russia in order to avoid defaulting on deliveries to clients. The situation raises serious questions about the country's oil production and the future of PDVSA as a major oil producer, and increases the risk to the U.S. oil supply should the country's oil production suddenly plummet.

    According to the Financial Times: "Venezuela, the world's fifth-largest oil exporter, has struck a $2bn deal to buy about 100,000 barrels a day of crude oil from Russia until the end of the year. Venezuela has been forced to turn to an outside source to avoid defaulting on contracts with "clients" and "third parties" as it faces a shortfall in production, according to a person familiar with the deal. Venezuela could incur penalties if it fails to meet its supply contracts."....

    .....But, as these things go, we may be on the verge of a major developing story......


    Very interesting....
     
  2. KenH

    KenH Active Member

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    This has nothing to do with the idea of "peak oil". Socialism always ruins production in an economy.
     
  3. Bro. Curtis

    Bro. Curtis <img src =/curtis.gif>
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    Very good point.

    How much credibility do you give that news source ?
     
  4. KenH

    KenH Active Member

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    The Financial Times is very reliable in reporting business news. It is the British equivalent of The Wall Street Journal.
     
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