Venezuela Overtakes Saudis for Largest Oil Reserves, BP Says

Derp Derp said:
That will be the next country we invade.
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I find it strange that the US will go to almost any length to suck up to the Saudis but consider Chavez to be persona non grata. True, he is a bit of a clown but at least he doesn't make women go around in black bin liners and chop off heads in public.
 
Aoxomoxoa said:
I find it strange that the US will go to almost any length to suck up to the Saudis but consider Chavez to be persona non grata. True, he is a bit of a clown but at least he doesn't make women go around in black bin liners and chop off heads in public.
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Well he did nationalize their oil industry and he does support Castro......either one of those are enough to make him persona non-grata with the State Dept.
 
Aoxomoxoa said:
I find it strange that the US will go to almost any length to suck up to the Saudis but consider Chavez to be persona non grata. True, he is a bit of a clown but at least he doesn't make women go around in black bin liners and chop off heads in public.
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Chavez and Castro are socialists.

Capitalism hates socialism more than any other form of government. Capitalists will go to great lengths to demean socialism .. no matter how much it benefits its people.
 
blackascoal said:
Chavez and Castro are socialists.

Capitalism hates socialism more than any other form of government. Capitalists will go to great lengths to demean socialism .. no matter how much it benefits its people.
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I think that Chavez could be more accurately described as a free-spending, authoritarian populist, he has stated that he subscribes to Bolivarianism which he named after Simon Bolivar. The US hates him because he is powerful due to oil and is steadfastly anti-American but then when you consider the imperial policies of the US in the past that is hardly surprising.

I think that he is a little like Mugabe who for many years managed to pass himself off as benign before his true colours came to the fore and used hatred of the Brits to garner support. The US would do themselves an enormous favour if they reconciled with countries like Cuba, which to us Brits just smacks of plain old fashioned revenge for the past. How can they still be so antipathetic to them when the Cold War is over and the Iron Curtain has been dismantled?
 
The Dude said:
I'm not sure venz income is up. After they stole western companies assets many of them refuse to do business with them.
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Unfortunately Venezuela suffers from the usual problems of massive corruption and incompetence, it could be one of the richest countries in South America otherwise. I doubt that the Chinese or indeed Western oil companies would worry too much about that though.

The solution is likely to be a renewed burst of foreign-financed overseas investment in Venezuela's oil sector, with an eye to reversing the decline in output of recent years. This would not even require legal changes. Many foreign oil http://uk.reuters.com/article/2012/06/04/column-oil-idUKL1E8H428G20120604# are already happy to work under the current legal structure. And not just Chinese firms seeking resources, but also Western investors.

In private, executives say some of the biggest problems they face are simple government approvals, and PDVSA's own cash shortfalls. They can already cope with the ideological constraints, as evidenced by Chevron and Repsol employees working closely with PDVSA today. A more responsive and flexible government could well oversee a relatively quick rise in Venezuelan oil production. The key here is the massive Orinoco heavy oil belt. Investors increasingly view this oil, like that of Canada's oil sands, as a proven resource, with minimal exploration and geological risk.
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http://uk.reuters.com/article/2012/06/04/column-oil-idUKL1E8H428G20120604
 
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