Usurper in Waiting Guaido Wants Venezuelan Oil Privatized
by Stephen Lendman (stephenlendman.org - Home - Stephen Lendman)
According to Bloomberg News, US-designated puppet Guaido, a traitor to Venezuela and its people, wants state-owned oil giant PDVSA opened to private investment.
He supports Washington's scheme to have Big Oil take over the company, incrementally at first, then entirely, the main objective behind the Trump regime's coup attempt.
Guaido and his so-called "envoy" to Washington Carlos Vecchio are taking orders from Trump regime coup plotters, lucratively bribed no doubt to go along, Vecchio saying the following:
"We want to go to an open economy. We want to increase oil production. The majority of the oil production that we want to increase will be with the private sector." State law requires PDVSA to own at least 51% of all joint ventures in the country.
The Trump regime wants Big Oil given a majority stake in PDVSA, the company entirely privatized later for unrestrained plunder of Venezuelan resources..
Its US refiner CITGO will keep operating, bankruptcy "not necessary," said Vecchio. He attended Trump's SOTU address, a guest of neocon extremist Senator Marco Rubio, a strong coup supporter.
Cash-strapped Venezuela has seen oil production steadily decline over the past few years despite Russian and Chinese investments - because of US economic, financial and sanctions war, taking a toll on the nation and its people.
Year-over-year to end of 2018, crude production dropped from 1.9 million barrels daily to 1.15 million bpd in December.
According to oil analyst Ann-Louise Hittle, "(w)e believe production will likely fall to around 900,000 b/d under pressure from sanctions and a lack of materials for workovers, but we expect waivers will ease the full impact of the sanctions until they expire."
Trump regime sanctions bar companies from using the US financial system to buy Venezuelan oil. Reuters said sanctions got European buyers cut purchases.
Vitol and Trafigura, the world's largest oil traders, said they intend complying with US sanctions - no matter their illegality. The Wall Street Journal reported a growing lack of buyers.
Chevron, Lukoil and Respsol tankers are sitting offshore Venezuela for lack of payment, an untenable situation. If unable to sell oil or enough of it, ordinary Venezuelans will be harmed most.
It's what Trump regime hardliners have in mind, hoping they and Venezuela's military will revolt against Maduro, paving the way for US control of the country, Big Oil able to plunder its vast resources.
VISIT MY NEW WEB SITE: stephenlendman.org (Home - Stephen Lendman). Contact at firstname.lastname@example.org.
My newest book as editor and contributor is titled "Flashpoint in Ukraine: How the US Drive for Hegemony Risks WW III."