Venezuela's Slide to Anarchy Continues
Chavez's days are numbered. He has stiffed the global oil services industry a bridge too far. Nobody will pump his oil now. At least nobody worth their salt. Venezuelan crude is nasty stuff, very difficult to extract. Only the most technologically advanced companies can do it. Without industry help, PDVSA just can't do it. He's begging the Chinese and Japanese, but even they don't have the best technology. It used to matter where prices were. Now prices prices don't matter, Chavez's resources will dwindle at any price, and there is nothing else. It's just a matter of time and pain.