What’s bad for Venezuela could be good for the oil market | The National:
"In Venezuela, baking pastries can be a crime:222 wheat is meant to be reserved for cheap bread. In a slightly different recipe, the country’s oil exports are imperilled by its inability to pay for light oil to blend with its cheap heavy crude. Disaster has been cooking in Caracas for some time, in what might be the oil market’s next upset. The country’s economy has been in slow collapse for several years, accelerated by the fall in oil prices. The IMF estimates inflation this year at 1,660 per cent, and Venezuelans are suffering shortages of food and basic medicines. Oil service companies such as Schlumberger are cutting back activities because they are not being paid."
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