Related Articles
Forward article link
Share PDF with colleagues

Venezuela's oil revolution is stalling

Falling oil prices are playing havoc with the ambitions of the world's petro-nationalist countries. Venezuela has some backtracking to do

Venezuelans awoke last month to the news just over half of them wanted: their president, Hugo Chávez, the victor of a referendum to change the constitution, can now run again for election after 2012, when his term was due to end. It gives him the chance to continue the country's transition to a socialist republic. But notwithstanding his success in the polling booth, Chávez finds himself under growing pressure, as low oil prices weaken his grip on the economy and his influence abroad. Not long ago, he was gloating at the demise of the US "empire" and urging the oil producers of the world to unite and dispatch the dollar once and for all. But with global oil demand now falling faster than a

Also in this section
Venezuela going for broke
16 January 2018
The Maduro government wants a new deal on its debt. Things are going to get messy
Iraqi Kurdistan sinking fast
11 January 2018
The future of the KRI's oil sector is uncertain, with the federal government determined to bring all the country's production and exports back under its wing
Iraqi Kurdistan's wrong turn
11 January 2018
Burdened by political and economic crises at home, the autonomous region faces difficult talks with a newly confident federal government in Baghdad