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Will Venezuela survive Hugo Chavez?

By Aleksander Boyd

London 26.08.05 | One of the perks of having acquaintances in London's oil trading circles is that one can check whether the BS spitted by the MSM has got any relation with reality. As it often happens nowadays with issues such as oil, Venezuela, Hugo Chavez, PDVSA, China and so on the findings are shocking. Venezuela is reportedly selling 68.000 BPD to China -or a 2.000.000 barrels-tanker/month, however the Bolivarian revolutionaries fail to say that the cargos aren't reaching China but the Gulf Coast.

Hugo Chavez offered Ecuador, illegally as ever, some 500.000 barrels of Boscan oil. However the Ecuadorans, eager to make the irresistible offer good, said they would not set for Boscan, which is a rather low quality crude. So Ecuador's Foreign Secretary Antonio Parra Gil, over the weekend in Cuba, asked his benefactor for a better quality oil. But Castro would have none of it. "I am sure we can find an appropriate solution for all the parties here" would have said a communist Chavez. Hence a CITGO trader was dispatched to purchase oil in West Africa to be delivered, yep you've guessed it, in Ecuador. What a fantastic deal for Venezuela.

Also in the books, the re-emergence of company-in-a-suitcase Free Trade Petroleum, whose representative Arturo Sarmiento, has reportedly sold two 50.000B cargos to the Arcadia group of London, of which Marc Rich of Glencore International and Trafigura is also a shareholder.

At the current rate of 'profitable' trading, Venezuelans ought to ask themselves; was Hugo Chavez elected to prop up foreign economies and extremely wealthy individuals at our country's expense?



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