We’ll head Down The Rabbit Hole in a few but first…we have something that we seem to have to do over and over again. NPR had the headline, “The US is Trying to Mend Ties With Venezuela For One Big Reason? Oil”. This story is, unfortunately, typical of a lot that we’ve seen out there in recent months so we’ll continue to educate… This guy really needs different sources, reliable sources. (TFT perhaps?)
As we’ve shown you many times before, even with sanctions relief Chevron might be able to increase oil production by about 200,000 bpd (barrels per day) in a year or so. Do the math. Add 200,000 to the October number referenced in the article of 534,000 bpd, then subtract 600,000 bpd (this is the part everybody overlooks) for obligations (China, Cuba, and domestic consumption), and you’re left with 134,000 bpd to sell which is almost nothing.
Venezuela gets 90% of it’s revenue from from trafficking and that will continue. He said Maduro would prefer to win a relatively clean election in 2024. With a 5% approval rating how do you do that? The Maduro regime has walked away from negotiations with the opposition at least five times and has already backed out of it’s sanctions relief deal on oil for Europe in return for debt relief (without consequences).
If this guy thinks Maduro will honor any agreement with the US or cares at all about free and fair elections then he’s as gullible as Joe Biden.
Then we have Caracas Chronicles reporting that The Docket initiative by the Clooney Foundation and NGO, Foro Penal, presented their report to the ICC with new evidence of crimes against humanity committed by security and intelligence forces in Venezuela.
The report describes the role of 11 officers of the DGCIM (part of Maduro’s three-headed monster of security services) in crimes against humanity including torture, arbitrary detentions, and sexual abuse. They said the lack of investigation by the state implies international efforts must be made to punish the perpetrators of the crimes and guarantee the victim’s rights to justice. “The perpetrators believe they are untouchable…it’s not just that they believe it, they really are untouchable.”
And we have Ernesto Gonzales, secretary of the Carabobo Electricians Guild saying they’re protesting layoffs of workers and union leaders and unfavorable working conditions. Big surprise, huh?
Then we have NGO, Venezuela Observatory of Prisons, telling us that from 1999 – 2021 (the Chavismo years) 7,792 people have died in jail. Deaths by starvation surpassed violent deaths in 2018.
And we have Sumate asking the CNE (Venezuela electoral council) to investigate Nicolas Maduro for using state media to campaign in favor of PSUV (the Chavistas). Good luck with that. Remember, Maduro made some cosmetic changes to the CNE by installing two opposition members (really OPPINOs, opposition in name only) to the five-person CNE board. With the Chavistas still holding a three to two majority the Chavistas are still firmly in control.
Then we have Law 360 reporting that Dresser-Rand, owed over $166 million by PDVSA (Venezuela government-owned oil company), has joined the group lining up to get a piece of CITGO shares as their lawyers informed a Delaware court it has the authority to issue an eventual attachment order.
And we have Reuters reporting Venezuela oil exports for October came in at 533,968 bpd, down 25% from September. Maduro’s prediction of 2 million bpd by year’s end isn’t looking too good. (In reality, it never was) Are you seeing this Joe? Remember, Venezuela needs 600,000 bpd (or more) just to cover obligations (for which it receives no revenue).
Then we have Caracas Chronicles telling us that Colombia President, Gustavo Petro, and Venezuela President, Nicolas Maduro, (both leftists/Marxists) met for two hours in Caracas and said they’ll work together in areas like the economy, commerce, migration, and security. Petro said Latin America was “a beacon of democracy” and mentioned the suffering of Venezuelan migrants without mentioning why they’re migrating in the first place.
And we have VP of CNE, Enrique Marquez, saying the presidential election will be held in late 2024 (unless Maduro tells him differently).
And we may have Nicolas Maduro 2.0 in Mexico with AMLO (President Obrador) saying his government is going to debate changes (which will undermine Mexico’s democracy) by dismantling the National Electoral Institute. He will then create a smaller, weaker one which will be easier for him to control and also eliminating 200 of the 500 seats in the lower chamber of congress.
Let’s head Down The Rabbit Hole….
Chapter/ 6 continued…
…Despite these inconsistencies, Maduro dispatched his minions around the globe to get some buyers for PTR (“El Petro”). I guess having been rejected on his last couple of personal jaunts around the world begging for money he decided to send emissaries. He offered a 35% discount to anyone who would support the glorious “Bolivarian Revolution”. There were many reports of much more substantial discounts offered but they were unconfirmed, believable (if you know anything about these guys) but unconfirmed. Chavismo hyped the global interest to the max. “The Oil Minister to present Petro proposal to OPEC”…”Venezuela and Russia discuss Petro for…” …”Venezuela and China meet regarding Petro”. And on and on it went. At the end of all this, actual verifiable sales of Petro…ZERO!
To further confuse the issue there was a dizzying array of announcements by Maduro, his “Cryptocurrency Minister”, and other government officials :
“Maduro hints at second cryptocurrency offering, ‘Petro Oro’, a gold-backed cryptocurrency.”
“Maduro launches creation of Petro-funded cryptocurrency bank for youth initiatives.”
“Petro will be tied to the ‘Fuerte Bolivar’ beginning in August” (weeks before Maduro’s new currency, the “Sovereign Bolivar” was announced)
“Petro will be used as unit of account for salaries, goods, and services.”
Decree 3.196 (Remember, Maduro rule by decree utilizing emergency powers that he granted to himself) announced that the backing of “El Petro” would consist of a barrel of oil or…wait for it…WHATEVER COMMODITY THE NATION DECIDES!
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