Article

2009-02-21 Caribbean-Latin America

Chavez Plans 12% More Oil as Project Costs Rise, Credit Freezes

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Posted by Fred 2009-02-21 00:00|| || Front Page|| [1 views ] Top

#1 Venezuela's daily output of 3 million barrels a day

I can't figure out why OPEC keeps saying they only pump 2.4 MBD. Hummmmm..... It's an Enigma wrapped in Bolibanana leaves served with a side of WTF who cares anymore. Look for PdVSA output to drop by 250K BD this year. Contractors aren't being paid in a timely manner, maintenance is a cost conspiracy by the Empire.

:(

Posted by .5MT 2009-02-21 07:31|| www.cybernations.net]">[www.cybernations.net] 2009-02-21 07:31|| Front Page Top

#2 Venezuela plans to boost oil output at least 12 percent in a joint venture with foreign investors ..

Other than the Chinese who are sitting on tons of Treasury Bonds, who's got that kind of investment to throw away in Hugo's land of thug socialization?

Posted by Procopius2k 2009-02-21 08:29|| 2009-02-21 08:29|| Front Page Top

#3 who's got that kind of investment to throw away in Hugo's land of thug socialization?

Answer: Nationalized banks, nationalized IRA's and 401k's.

Posted by Besoeker 2009-02-21 08:45|| 2009-02-21 08:45|| Front Page Top

#4 So, who buys this extra oil and where are they going to store it?

Posted by Richard of Oregon 2009-02-21 08:51|| 2009-02-21 08:51|| Front Page Top

#5 So, assuming Hugo can actually pump out more of his extra-crappy crude, who's going to process it?

It's not like he can send it to just any refinery....

Posted by Barbara Skolaut">Barbara Skolaut 2009-02-21 09:22|| 2009-02-21 09:22|| Front Page Top

#6 He says the same thing every year.

Posted by DoDo 2009-02-21 10:37|| 2009-02-21 10:37|| Front Page Top

#7 He's been courting China in the hopes they will build refineries that can process his sludge. Price per barrel would need to be a lot higher to make the transport worth it, but that might happen in the future.

Posted by lotp 2009-02-21 10:47|| 2009-02-21 10:47|| Front Page Top

#8 Richard, in theory the new oil will go to China, there's a current deal for 400K barrels a day. Sadly.... hugs has only been able to deliver 168K BPD last year. The Chinee being the clueless suckers they are will likely double their bet.

Also.... where's mai bong!

Posted by .5MT 2009-02-21 11:16|| www.cybernations.net]">[www.cybernations.net] 2009-02-21 11:16|| Front Page Top

#9 The chinese can probably do this.

a) They don't deal with Pdvsa; their investments in Venezuela are that _they buy the oil field_.

b) They can probably count on their investments being secure, because they would probably actually use their army to guarantee it, and get away with it.

Posted by Thing From Snowy Mountain 2009-02-21 11:51|| 2009-02-21 11:51|| Front Page Top

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