PDVSA

Venezuela: Forty Years Of Economic Decline, Part 2

The Venezuelan case serves as a strong warning to many a European country with crumbling welfare states and growing social discontent. Sooner or later, unsustainable transfer systems are bound to collapse and social disorder ensues. Left unchecked, socialism only creates a vicious cycle of interventionism that leads to more chaos and misery.

Are Oil Prices To Blame For The Venezuelan Crisis? (Spoiler Alert: Of Course Not!)

Venezuela is undergoing the typical collapse of a country that has been subject to years of all kinds of political interventions. The fall in oil prices is the external shock that brings to light the embarrassing result of years of price controls, currency controls, nationalizations, uncontrolled monetary creation, and economic dirigisme.

Maduro Preparing To Swap Venezuela's Gold For Dollars

“The national government, through the central bank, is going to try to swap gold held as reserves for dollars to stay in power unconstitutionally,” according to the letter signed by National Assembly President Julio Borges.

Despite "Ruthless Economic War", Venezuela, PDVSA Avoid Default With $2.6 Billion Payment

Bondholders confirmed that Venezuela's state-owned oil company PDVSA made principal and interest payments of $2.2 billion today, avoiding default yet again despite what Vice President Tareck El Aissami called a "ruthless economic war" being waged against the Maduro government. That's the good news, the bad news is that PDVSA has $62 billion more in principal and interest due over the next few years.

Country With The World's Largest Oil Reserves Runs Out Of Gasoline

While fuel supplies in the country with the world's largest proven oil reserves had continued flowing despite monetary collapse and hyperinflation, a domestic oil industry in turmoil and a deepening economic collapse under President Nicolas Maduro, that changed last Wednesday when Venezuelans found themselves waiting in lines for gasoline.

Oil Shorts Soar By 2nd Most In History As OPEC Hope Fades

During a week that saw WTI crude prices erase all post-OPEC-production-cut-deal gains, after the Saudis admitted 'cheating' (but rapidly back-pedalled), oil speculators added almost 80,000 contracts to their short positions - the 2nd most in 34 years.