| Venezuela is teetering on the brink of a crisis that only uncharacteristically radical reform can remedy. There has been no shortage of oil price talk in recent months – and no shortage of oil for that matter. Every week it seems a new low cost record is broken, and whereas a barrel of Brent last year clocked in at over $100, you can take one home today for approximately $50.
Consumers meanwhile, are glad of the pennies saved at the pump and some countries have responded to this new low cost environment by recouping some of the money lost to subsidies in years passed. However, for the members of OPEC, whose finances rely on black gold, the storm clouds show no signs of parting, and pressure is mounting on recession-hit Venezuela to rethink its reliance on oil and its restrictive currency controls...............................................Full Article: Source
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