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Author Topic: Petrol is virtually free in Venezuela, but not for long.  (Read 210 times)
cryptogirl100
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September 06, 2018, 06:43:52 AM
 #21

Venezuela has the largest proven oil reserves of ALL countries.. yes, including Russia and Saudi Arabia. If they manage to take full advantage of that, oil prices can dramatically change worldwide.

Those oil reserves are being saved for the rebuilding of the new world economies after the collapse of the current ones.

Reserves of oil in Venezuela quantitatively exceed the reserves of other countries, that`s true. They constitute 17.5% of the world's oil reserves. However, the quality of oil is far from the best because of the high sulfur content and density. Revenues from exports are declining, as a consequence, the level of oil production is falling. Therefore, I don`t think that oil will become a salvation for Venezuelans and the basis for creating a new economy. I think that the government of the country should also bet on other types of extractive industry: there are large deposits of iron ore, bauxite and coal in the country.

I'm not technically aware of the quality of their oil, but I know that it costs too much to build the infrastructure. Many countries invite huge companies to invest in their petrol sector and they benefit from new techs, infrastructure etc. However, I don't think that Maduro will allow foreigners inside. This means that they have low chances to develop something as they are lack in funds.
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Spendulus
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November 14, 2018, 09:48:40 PM
 #22

Venezuela has the largest proven oil reserves of ALL countries.. yes, including Russia and Saudi Arabia. If they manage to take full advantage of that, oil prices can dramatically change worldwide.

...
I'm not technically aware of the quality of their oil, but I know that it costs too much to build the infrastructure. Many countries invite huge companies to invest in their petrol sector and they benefit from new techs, infrastructure etc. However, I don't think that Maduro will allow foreigners inside. This means that they have low chances to develop something as they are lack in funds.

Basically, this was a classic case of "invite the foreign companies in, have them build the infrastructure and operate it, then the socialist/communism government steals it and kicks the foreigners out."

For all they do wrong, one thing the Saudis do right is know the value of world class experts in petroleum engineering. Where ever they come from.
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November 15, 2018, 11:09:28 AM
 #23

If the ratio of petrol/bolivar is "fixed" to stop the traffic to the border countries there will be a serious problem with the population who survive reselling the petroleum... the inflation and lack of supply of domestic products will continue devastating this country
FilesFM_Announcements
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November 15, 2018, 11:54:14 AM
 #24

I think its about the only thing thats free there!

Seen the news a few nights back about how the hospitals had next to no nurses or doctors there as their monthly salary was the equivalent of the price of a loaf of bread! A woman was sitting there with a broken leg, who was told it'll be at least 1-2 months for an operation.

If petrol is free i'd be filling my car up and getting out of there as quick as i could!  Wink

HAHAHAHA!!  Cheesy

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November 15, 2018, 11:02:29 PM
 #25

I think its about the only thing thats free there!

Seen the news a few nights back about how the hospitals had next to no nurses or doctors there as their monthly salary was the equivalent of the price of a loaf of bread! A woman was sitting there with a broken leg, who was told it'll be at least 1-2 months for an operation.

If petrol is free i'd be filling my car up and getting out of there as quick as i could!  Wink

HAHAHAHA!!  Cheesy

It's like a roach motel.

You can check in but you can't check out.
gostop
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November 22, 2018, 07:45:32 AM
 #26

Oil is not important to this country. Their oil will become worthless if it is not sold to the world. This is a tragic country, and the vicious cycle of the long-term financial crisis is very bad. There doesn't seem to be any way to solve it.

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