Back in February, when we commented on the unprecedented hyperinflation about the be unleashed in the Latin American country whose president just announced that he would expand the "weekend" for public workers to 5 days...
Just three weeks ago, the Venezuela socialist paradise gifted local workers with one extra day of rest each week when, as a result of the crippling economic crisis and collapsing power grid, president Maduro designated every Friday in the months of April and May as a non-working holiday in his desperate bid to save electricity as a prolonged drought pushes water levels to a critical threshold at hydro-generation plants. Never without a scapegoat, Maduro immediately blamed El-Nino for implementing the three-day weekend.
Submitted by Charles Kennedy via OilPrice.com,
Venezuela - home to the largest oil reserves in the world - will for the next 40 days experience a four-hour blackout every single day, and there are fears that the rationing could lead to unrest and trigger a decline in oil output at a time when the country is barely hanging on.
The complete train wreck that is Venezuela continues to find ways to one-up itself. Fresh off of the announcement that every Friday in the months of April and May would be designated as non-working holiday's in order to save electricity, the Socialist utopia is now simply cutting it off for four hours a day.
While much of the blame for the failed Doha agreement (which impacted the price of oil for about 12 hours before another squeeze pushed both Brent and WTI back to unchanged for the day), a new allegations has emerged, this time from the Venezuela oil minister Del Pino who, after saying that he is disappointed with the Doha results (but why - oil is basically unchanged) accused none other than the US for sabotaging the Doha deal, saying that the US acted to block the Doha oil production freeze accord.