Commentary By FORBESVenezuela’s slide from top of the heap to a virtual bit player in the oil market is a slow-motion car crash. Production sank progressively from 2.6 million barrels per day (b/d) a decade ago, when it was third in OPEC behind only Saudi Arabia and Iran, to 2.0 million b/d by Q3 2017. Decline since has been precipitous – today it’s just 1.1 million b/d.
The market has shrugged off the loss, even with the absence of sanctioned Iranian oil. Venezuela’s heavy barrels have been largely displaced by supplies from Canada, Mexico and elsewhere.
Geo-Political Realignments Over Venezuela – Video
Geo-Political Realignments Over Venezuela – Video
The Real News Network Published on Feb 8, 2019
On the heels of the hard-line anti-Maduro Lima Group meeting in Ottawa, countries favoring a negotiated solution, including Uruguay, Mexico, and Bolivia, met in Montevideo on Thursday February 7, 2019. The final declaration, however, compromises Venezuela’s sovereignty, according to Bolivia. We discuss the outcome with Miguel Tinker Salas and Greg Wilpert.
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