• 3 minutes Will Iron-Air batteries REALLY change things?
  • 7 minutes Natural gas mobility for heavy duty trucks
  • 11 minutes NordStream2
  • 5 hours U.S. Presidential Elections Status - Electoral Votes
  • 6 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 hour And now, hybrid electric locomotives...
  • 4 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 4 hours World’s Biggest Battery In California Overheats, Shuts Down
  • 3 days Los Angeles to Open Five New Natural Gas Plants to Avoid More Outages.
  • 23 hours The unexpected loss of output from wind turbines compels UK to turn to an alternative; It's not what you think!
  • 6 hours The Painful Death of Coal
  • 21 hours China Sees Opportunity As Venezuela’s Oil Industry Hits Rock Bottom
  • 5 days Ozone layer destruction driving global warming
China's Historic Decision To Stop Hoarding Oil

China's Historic Decision To Stop Hoarding Oil

China has made a historic…

The Top Two Commodities To Watch In The Short Term

The Top Two Commodities To Watch In The Short Term

Commodity prices have been on…

James Burgess

James Burgess

James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…

More Info

Maduro Accuses U.S. Of Taking Over Venezuela’s Oil

The Venezuelan president has accused the U.S. of trying to usurp his country’s oil riches after the head of the Washington-based Organization of American States (OAS) suggested a special meeting that could lead to Venezuela’s suspension from the group.

Luis Almagro, the Secretary-General of the 35-member OAS, has called for a special meeting to censure Venezuela for jailing critics and blocking the opposition-controlled parliament as the country reels from an economic crisis that is leading to dangerous unrest.

The OAS public lashing of Maduro is likely to lead to more blowback for the opposition-controlled parliament, as Maduro has threatened to charge congressmen with treason.

Related: Traders Watch Oil Chokepoints As Geopolitical Risk Soars

For the opposition, which is holding out for referendum that would recall Maduro, the OAS move is seen as full support of that.

"The empire has decided that it's time to take our resources," Venezuelan Foreign Minister Delcy Rodriguez told reporters. "We know that what's coming is an intervention ... that's why we are alerting the international community."

Venezuela has the largest reserves of underground oil in the world and provides 10 percent of U.S. imports.

Related: Oil Prices Down As OPEC Fails To Agree Output Ceiling

The crisis in Venezuela will reverberate far and wide, including in the U.S., in both positive and negative ways. On one hand, if Venezuela starts losing significant oil output, it will help rebalance the market and move us beyond US$50 oil.

But the bigger picture, according to Houston Chronicle columnist Chris Tomlinson, is that we need Venezuela’s heavy crude.

"For our refineries to operate, we need heavy Venezuelan oil," Tomlinson wrote. "Because of the crisis, they don't have enough money to pay Texas companies to help extract that oil. That's leading to a reduction in their output, and that's worsening the economic crisis there."

By James Burgess of Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • The Ghost of Zapata on July 13 2016 said:
    I'll bet my very last dollar that its' the US trying to get ahold of all that oil, by any means necessary. What do you expect from this imperialist who think they can do whatever the f*ck they please.
  • internationalman on June 03 2016 said:
    Nice try. You do realize that we in the US are viewed with deep suspicion by most SA nations. Look up your history the past 50 years of our involvement there. I'd be surprised if the OAS does indeed go ahead with that vote.
    Granted oil has gone down, wealth distribution is more wider in other SA nations than VZ. Its even causing ppl like Trump to get elected in the US as the masses realize this inequality of wealth. Id say other SA nations have their men more laid back than to stand up against the MNC like Vz people.
  • garry HAMUD on June 02 2016 said:
    I have been to Ven. many times. Crime, violence, no food, no water, no electricity, govt. closed 5 days a week - nothing gets done, no medicine, new born babies die every day. The govt people steal ALL the dollars, incl. from oil, the gold was stolen too, moved to Cuba in Oct. 2013, and the govt and the 'collectivo,' gangs the govt. armed, move drugs for the cartels. A few have all the money, everyone else suffers, and no one cares. The population is docile, men are not men, and, yes, they would be happy to eat Soylent Green, like the 1973 movie, it being a mix of green grass and nutrient rich chavista human waste. Yes, Venezuelans will eat s$%^%&, and they will say, 'I'm loving it." Get up amigos.

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News