Venezuela gives Oil Minister 'Extra Powers' to halt production decline

Maduro has reportedly given his oil minister, Manuel Quevedo, 'extra powers' to deal with the steep oil production decline. Keeping in mind that the oil head is a major general, he now has power to "create, annul or modify' all deals between state-run PDVSA and other players. Not sure what that means in reality ...

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so sort of like declaring a state of emergency, for oil. I see the oil czar already met with foreign partners, including Rosneft, China's CNPC, Total, Statoil and Chevron on Friday. So deals are about to be changed, and the new power lasts until the end of the year. 

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not sure it's not too late for that. Inflation is set to hit 13,000% this year, and had already hit 454% in the first quarter...

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any Venezuela experts have any idea what form these contract reviews will take?

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any oil majors stepping a precarious foot in Venezuela to make deals with maduro's regime will get what they deserve. 

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Hello Oil People. Glad to meet all of you. :D

 

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what's the alternative? the deals were all corrupt anyway and they should have been revisited long ago but officials were getting their pockets lined too nicely. They have to get production up and this was a long time in the making. 

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3 hours ago, valarie said:

Hello Oil People. Glad to meet all of you. :D

 

Welcome! 

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4 hours ago, valarie said:

Hello Oil People. Glad to meet all of you. :D

 

Welcome, Valarie!

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Thanks guys!

What I call this kind of money. (or oil)..is fast money Oil). people worried about filling their pockets fastly even illegally usually waste it just as fast...

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On 4/17/2018 at 3:56 AM, valarie said:

Hello Oil People. Glad to meet all of you. :D

 

Hey @valarie! Welcome to the Community!

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