Re: Venezuela Debt Rating Outlook Cut to Negative by S&P (Update4)

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hondobud

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Re: Venezuela Debt Rating Outlook Cut to Negative by S&P (Update4)

posted on Dec 10, 2008 02:23PM

Maybe getting close to the final straw for Hugo.

Venezuela’s 2009 budget is based on a forecast that the country’s oil will average $60 a barrel next year.

What I heard on the news recently. Under $50 dollars a barrel, oil economy dependant nations (half of the participants in OPEC), go down the tubes.

How are they (opec) going to enforce a reduction in production? Is Hugo going to be able to cut his production? Oil is now being stored in cannabalized tankers all over the planet, the owners are hoping for higher prices next year. Did this oil get counted in the surplus report today? I can only hope Hugo gets replaced with someone more rational and businesslike.

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