A protester in Caracas, Venezuela, throws back a tear gas cannister that was fired by the national guard during an incident in April 2017. Center: Iranian flag. Right: The Middle East has been riddled by missile engagements in the last few days. (Source: Shutterstock)
Venezuela, which has produced seven Miss Universe winners, reigning American League MVP José Altuve and the capybara, the world’s largest rodent, is engaged in a vivid demonstration of what an epic national meltdown looks like as it loses the ability to produce oil. It’s not pretty.
Earlier this week, the OPEC member that has been forced to import oil had assets belonging to its national oil company seized on four Caribbean islands. The court action was triggered by ConocoPhillips’ effort to enforce a $2 billion arbitration award stemming from the nationalization of the company’s assets in Venezuela in 2007.
Venezuelan national oil company PDVSA stored about 4.8 million barrels of crude and fuel oil on the Dutch-controlled islands of Bonaire and St. Eustatius, less than 10% of the terminals’ capacity. In 2017, PDVSA shipped more than 400,000 barrels per day (bbl/d) from those two islands along with Aruba and Curaçao.