Word: venezuela
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Dates: during 2000-2009
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They're putting through Pedro Carmona, the new leader of Venezuela, on line...
...this was on weak volume. The markets are still a little underpopulated; there's a lot of money on the sidelines, waiting to see where Israel goes, where Venezuela (or Argentina) goes, where the terrorists show up next...
...again when he was borne back to the presidential palace by a popular uprising Sunday?) The short answer is that Chavez has not hesitated in the past few years to kowtow to OPEC in keeping oil production down and prices high. The OPEC oil cartel—which includes Venezuela and rogue states such as Libya, Iraq and Iran—sets quotas for its member states to manipulate the market and keep oil revenues as high as possible. Because it takes only one major oil producer breaking ranks and increasing output to send prices plunging, the world market...
Despite the Saudi advantage, Venezuela tried unsuccessfully to challenge Saudi dominance of the world oil market in the 1990s, exceeding its OPEC quota of 2.3 million barrels per day (MBD) and attempting to rapidly increase production. The Saudis increased their own output by 1 MBD and caused the price of oil to collapse in 1998, causing Venezuela to give up and return to its quota...
...that it enters with the Saudis and the Russian oil extraction operations are likely to be more flexible because they are not controlled by a stifling central government. For all these reasons, Russia is likely to be reluctant to allow a prince in Riyadh dictate its oil production levels. Venezuela and Russia could provide a serious counter-balance to the power of Middle-Eastern...