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jose chalhoub

Venezuela elections next weekend. Crucial for its oil

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The date is close, just a week ahead, and venezuela the other worrying issue for global oil markets, will face a crucial presidential and also legislative elections which will define the path for the country for the next decade or less, and also for its oil industry already on decay and a step close to collapse and the abyss. So far, the opposition candidate henri falcon although not representing the whole opposition parties due to deep fragmentation, has already stated that he will open PDVSA to international investments and will ask for loans to revamp the whole industry although without leaving aside China and Russia as partners of Venezuela. But the president running for reelection has not stated a single solution for the chaotic state of the oil industry and PDVSA. U.S. sanctions are pending and the May 20th could be the turning point for these and other definitive sanctions, in front of an already fraudulent and illegal elections which wont be recognised by an important part of the international community. These days will be decisive for Venezuela and PDVSA. 

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