Article

2017-09-17 Caribbean-Latin America

Shunning US dollar, Venezuela lists oil prices in Chinese yuan

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Posted by Herb McCoy7309 2017-09-17 00:00|| || Front Page|| [3 views ] Top

#1 Makes you wonder if and how CITGO will keep it's head above water here in the US. (They're nominally the retail end of PDVSA, supposedly firewalled off when the difficulties began with Chavez.)

Posted by ed in texas 2017-09-17 09:09|| 2017-09-17 09:09|| Front Page Top

#2 Part of the equation is that socialist countries tend to fail. The old adage is that they do well until they run out of other people's money is true. For a socialist country to get cozy with a communist country (China is the second largest consumer of oil--about 12 bbl/day, half that of the U.S.) would indicate a certain amount of desperation. OPEC raped the U.S. for many years. Moreover, bad lefty policies in the U.S. allowed this to happen. During the past several years, fracking, oil shale extraction and the opening of oil fields in N. Dakota have eased the predatory pricing squeeze by OPEC. More recently, Trump has gone ahead with the Keystone pipeline.

An article that is a couple of years old although not too dated provides some interesting facts about these OPEC countries. Oil prices and budgets: The OPEC countries most at risk. Why are OPEC countries at risk when oil prices go down? Because these countries tend to be a single-product economy.

Good luck Venezuela with your new marriage (sarc).

Posted by JohnQC 2017-09-17 11:24|| 2017-09-17 11:24|| Front Page Top

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