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Venezuela gets worse

Johns Hopkins Prof. Steve Hanke tweets,

Venezuela: It’s Only Getting Worse – Oil Markets Daily

Summary

  • Venezuela’s oil production, according to secondary sources, stands at 1.987 million b/d.
  • With inflation rising and economic turmoil continuing, we expect Venezuela’s oil production to decline another 300k b/d this year.
  • Lower oil prices will continue to hamper high cost oil production globally, and our obsession over how much high cost production will decline is our main bullish long oil thesis.


Venezuelan Supreme Court Annuls Act of Congress, Parliamentary Immunity (emphasis added)

With the application of this ruling, the Supreme Court may annul any action of the National Assembly that violates Article 200 of the Constitution, which indicates that the deputies of the National Parliament “shall enjoy immunity in the exercise of their functions.”

Also, the ruling in question could lead to the prosecution of deputies for “treason to the mother country” in military courts, analysts report.

Over at the OAS,
Venezuela in showdown with OAS, U.S. over political prisoners

As expected, Venezuela pushes back against OAS suspension warnings. The Washington-based Organization of American States (OAS) has called for Venezuela to be suspended from the group unless it holds fresh elections. Ahead of a special OAS meeting, Caracas called the proposed move illegal

In this speech (5:30 into the podcast, in Spanish), OAS Secretary General Luis Almagro stated that the United States Treasury Department has frozen nearly US $3 billion of Venezuela Vice-President Tareck El Aissami’s assets, “an amount equivalent to half the cost of the country’s 2012 food imports.”

Post corrected for HTML error.



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Comments

  1. Ciao, Venezuela. Felicidades, Huguito y Nicolasito, han logrado las metas del socialismo. No lo digo depasionadamente, ya que tengo algunas amistades en esa pobre nación. But can we get an OAS Secretary General with a normal haircut? A non-Hollywood haircut? Huh?