wrxpilot
New Member
We have an increased supply right now due to the refineries and platforms which were shutdown for Gustav/etc are now on full production again, combined with a stark decrease in demand.
OPEC has an emergency meeting in the next couple of days. Expect supply reductions, or heavy calls for them. Venezuela's entire economy is now petroleum based and state-run and it can not realistically survive low oil prices again. To show you how far things have gone there the state oil company is now growing crops/food.
So... Venezuela's entire economy is petroleum based, yet you think they will actually cut their available production? I don't think so. I bet they (Chavez) is way too short sided to cut even further into his income.