Venezuela's impact on oil markets could be far worse than expected, RBC's Helima Croft says

[thackney]

Venezuela's impact on oil markets could be far worse than expected, RBC's Helima Croft says
https://www.cnbc.com/2017/12/18/rbcs-helima-croft-fearful-of-venezuela-impact-on-oil-markets-in-2018.html

* RBC Capital Markets analysts said while oil production in Venezuela is poised to "plunge" in 2018, the extent of its losses could be far worse than investors were anticipating

* Venezuela has witnessed steadily declining production levels in recent years as the oil-dependent state slogs through an economic crisis

* At the start of the month, Goldman lifted its Brent price forecast for next year to $62 a barrel and its WTI projection to $57.50 a barrel

[InHeavenThereIsNoBeer]

In December 2002, almost half the workers at state-run oil company Petroleos de Venezuela (PDVSA) went on strike in bid to trigger an early general election. The move virtually halted oil production for around two months before the government gradually reestablished control over PDVSA, subsequently firing approximately 40 percent of its workers.

Sounds like a Workers' Paradise.

[IsailedawayfromFR]

In December 2002, almost half the workers at state-run oil company Petroleos de Venezuela (PDVSA) went on strike in bid to trigger an early general election. The move virtually halted oil production for around two months before the government gradually reestablished control over PDVSA, subsequently firing approximately 40 percent of its workers.

Sounds like a Workers' Paradise.

That was long ago.  The military controls the oil industry there now, and work stoppage like that now would likely result in a lot of firings that are not just losing a job.