The UN should negotiate with Venezuela on a stop to Orinoco oil production

Aleklett's Energy Mix

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

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s