Venezuela's crude oil basket price collapsed to as low as $20.20 yesterday, according to the socialist utopia's President Maduro. Having already "passed the point of no return," Maduro rages that OPEC producers appear to be "finally waking up" to what they have unleashed noting that, according to him, Russia's Putin has agreed to "work on oil price issues."
More jawboning and hope...
In November 2014, just after OPEC officially died with the 2014 Thanksgiving massacre which was the first oil-crushing catalyst that has led to crude's relentless decline since Saudi Arabia officially broke off with the rest of the cartel, sending the black gold to a price of around $28 per barrel, we revealed who the first oil-exporting casualty of the crude carnage would be: the Latin American socialist paradise that is Venezuela.
In the aftermath of the latest Chinese near-panic intervention to keep its currency from an out of control collapse when as reported yesterday, the PBOC announced it would raise the RRR for offshore Yuan deposits, a move which would reduce the amount of the currency available in the market, squeezing supply further (and breaking Hong Kong HIBOR markets again in the process) and making it more difficult and expensive for speculators, the Chinese stock market went exactly nowhere, closing up 0.44% suggesting that when it comes to manipulating asset classes, China can do either stocks or
Submitted by Tom Kool via OilPrice.com,
The great Kingdom of Saudi Arabia - the long-time dictator of crude oil prices for the world - is struggling on all fronts.
The Saudis are losing their proxy wars in both Syria and Yemen; their OPEC leadership is under threat; they are not winning the crude oil price war; and its long-running alliance with the West is in question.
By EconMatters
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