Venezuela appoints PdVSA Chief to also become New Oil Minister

World Economy

Oil & Gas

Venezuela’s President Maduro announced that the current chief of PdVSA will take over as the Minister of Oil & Mining as well.

In a televised address to the nation Maduro said that comrade Eulogio del Pino will be the People’S Minister for Oil and Mining of the impoverished country.

Last week Maduro released two fierce opposition leaders, a city major and a an army general, from prison in an act of mercy against state rebel leaders.

With the elections coming up in December, the President wants to avoid further human rights abuses, censorships and retaliation against those bringing Venezuela to its knees.

The IMF and the USA are squeezing the living daylights out the countries citizens with economical sanctions, thereby violating international human rights laws. Medicine of every kind are hard to find outside the cities, transplant patients even have resorted to veterinary medicines to stay alive.

The USA should try some creative diplomacy, instead of letting the CIA organize rebellion and food shortages among the Venezuelan people. In the meanwhile Maduro has stepped up military raids on hoarders who amass contraband goods.

Venezuela has the world’s highest inflation rate, and collapsing currency due to the IMF/USA sanctions. In a country with the largest oil reserves this should be technically impossible.

The trick of the imperialist trade was to instruct the Saudi’s to dump their reserves into the oil markets, causing the oil prices to plummet from $100 to $40 at the moment. This means 60% less income in dollar currency, leading to shortages to import medicines and other primary food and health resources.

Therefore Maduro had enough of economic interference and promised exclude monitors from the EU and OAS. Fixing Venezuela’s economy, according to the western democracy model, will require measures such as political cooperation, ending fuel subsidies and price controls, cutting public spending to the poor and freeing up exchange rates so Western currency markets could better control Venezuela’s economy.

However Maduro has a socialist view to continue polishing, but if he succeeds will remain the question. By pointing out the new Venezuelan Minister for Oil and Minerals, who is also in charge of the State Oil Company PdVSA, Maduro establishes more control over its oil income’s, at which the West is aiming at to profit from.

With Iran building new oil tankers for Venezuela, in order to ship the goods to China and Brazil preferring a more stable “next door neighbor” at its borders, the government in Caracas may outlive the economic heist by the West.

Bloomberg / AA edited News 2015.

 

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