The illustration is from the book Peeking at Peak Oil.
Since OPEC decided in November 2014 against reducing the supply of oil on the world market by decreasing production and so force up the price, international headlines have mainly addressed the topics of Saudi Arabia’s oil production behaviour, Russia’s economic problems, the slowing Chinese economy and the difficulties that the fracking industry in the USA is encountering. What has not been discussed as much in the media is the painful economic problems being encountered by some OPEC nations. What will happen to some of these nations when their problems exceed the threshold of pain that they can withstand? Venezuela is a member of OPEC and it is becoming apparent that it has reached, or passed, its economic pain threshold.
Venezuela is completely dependent on trade income from oil exports. It is also probably the world’s oldest oil-exporting nation. When the…
View original post 703 more words