A dream of the former president was to certainly use the oil resources of the country as leverage to wealth
In early November, Guatemala withdrew from the Petrocaribe oil alliance launched by Chavez, representatives of Brazil and Colombia have held meetings with their Venezuelan counterparts to collect overdue payment
Although Venezuela sits atop the world's largest reserves, production has steadily declined in recent years. Global prices for crude are also lower as hydraulic fracturing technology boosts supplies in the U.S.
Yesterday after foreign ministers from the U.S., Europe, China and Russia made unscheduled trips to Geneva the third round of talks in six weeks reached to a conclusion.
The deal releases some of Iran’s oil assets.
“Sanctions have been hitting Iran oil dramatically. There is hope that in the long term the supply dynamics will improve. High commodity prices are one of the key costs to businesses and consumers so a decline in oil equates to lightening up the tax burden.”
President Nicolas Maduro will be able to govern without consulting Congress for 12 months.
The president says the aim of the new powers is to tackle the economic crisis.
Maduro is attacking the country's producers and businesses to boost his United Socialist Party of Venezuela for local elections.
The deeply divided oil-producing country is going to the polls on 8 December .
The powers are offering a gradual rollback of sanctions that have crippled Iran’s economy, raising concerns of an influx of Iranian oil into world markets at a time of already abundant supplies.
At the Multi Commodity Exchange, crude oil for delivery in December fell by Rs 25, or 0.42%, to Rs 5,969 per barrel in 252 lots.
Crude oil for December delivery shed 31 cents to $93.53 a barrel on the New York Mercantile Exchange.
The golden age of oil is fast becoming a thing of the past, as crude oil inventory begin to decline. All over the world countries are searching for alternitive fuels, and developing new technologies to offset the ever increasing cost of oil. Many oil producing nations have begun to limit their exports of crude oil.
The tweet in question came from the Israeli Defense Forces:
Oct. 10 #YomKippur73: Israel Air Force bombards airports in Syria to prevent Soviet weapons reaching the Syrian Army http://t.co/tKnMzYjgFF — IDF (@IDFSpokesperson) October 10, 2013
At first glance, that might seem alarming. After all, Syria has been engaged in a bloody civil war for two and a half years, which has escalated tensions with Israel. And Russia has been a key supporter of Syria's Al-Assad regime. Bottom line: the possibility of a Syrian/Israeli war looms large.
In recent years, the price of crude oil has been unpredictable, mostly in the upward trend. This increase in price of the precious commodity has left many pundits wondering what could be happening. Researchers have come up with all manners of reasons for the state of crude oil inventory.
Reuters:"EU oil pricing probe spurs lawsuit against BP, others"
A Chicago-based commodities trading firm has filed suit against three of the world's largest oil companies, accusing them of colluding to fix oil prices after European authorities opened an investigation last week.