Oil pumps are seen in Lagunillas, Ciudad Ojeda, in Lake Maracaibo in the state of Zulia, Venezuela, March 20, 2015. Isaac Urrutia/Reuters
Erwin Cifuentes, OilPrice.com: OPEC May Be Forcing Venezuela Into Regime Change
A key U.S. Congressman believes that the actions by the Organization of Petroleum Exporting Countries (OPEC) regarding oil production could lead to regime change in Venezuela, according to an interview published last week.
“I think ten years from now, we’ll look back at this as a positive effect, possibly on regime change in Venezuela,” said Rep. Jeff Duncan, reacting to OPEC member states failing to agree earlier this month to establish oil output limits.
In the judgment of the Republican legislator from South Carolina, Venezuela lacks sufficient revenues from the production of oil to sustain the government in power. Thus, regime change appears to be less a case of if but of when.
"If Maduro doesn’t have the oil revenues to continue supporting the socialist government… there may be regime change," Duncan said, in reference to the recent spate of mass protests against the regime led by President Nicolás Maduro.
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WNU Editor: All OPEC nations are in the same "boat" as Venezuela .... they want to maintain high production levels and a high oil price .... but there is too much oil in the world today, and more coming in as Iran goes on stream and new technologies like fracking continue to spread. But even if oil prices should magically reach $100/barrel tomorrow .... Venezuela's problems are far deeper than what an increase in oil revenues could solve .... it is a government with too much debt regulating an economy that it has neither the expertise or experience to manage properly.