Oil Industry - Emergency Meeting

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Just heard on CNBC about an emergency meeting this weekend. This will occur overseas with Venezuala and OPEC players. Something about pricing, availability. Does anyone have a link or has anyone heard more about this?

Thanks

-- I'm not here (I never@posted.this), August 26, 1999

Answers

Hi, --I'm. The Venezuela government has been in a sort of "state of emergency" for a couple months. Seems El Jefe Chavez and his cronies in some kind of "assembly" just restricted the powers of the real Congress and there seems to be a constitutional crisis brewing. Wall Street Journal had a paragraph on p. 1 about it today, but I only have access to the office copy, not a URL. Previous articles pointed to Chavez' radical/leftist leanings and turmoil in the government.

I have also heard Venezuela is WAY behind on Y2K remediation and that they are our #2 supplier for oil. If anybody else has a link to an old story . . . ?

-- Margaret (janssm@aol.com), August 26, 1999.


Margaret:

Venezuela is our number ONE supplier of oil.

-- Dennis (djolson@pressenter.com), August 26, 1999.


Dennis:

Sure about that? I recall reading that we get about 17% of our imported oil from Venezuela. Can anyone clarify?

-- regular (zzz@z.z), August 27, 1999.


Apparently Venezuela is undergoing what could be called a COUP. The head guy set up an "assembly" to overhaul some areas of government and they have been steadily given more and more power. The legitimate government has been making noises but the military will probably support the president. This can have nothing but negative effects on their economy and that of other S.A. countries, some of which are in serious trouble of their own. And this close to the rollover it does not bode well for oil deliveries in 1/2000. It is common knowledge that the previous administration did not address the Y2K problem at all, leaving it for this one. And this adiministration has done little or nothing due to lack of money, etc. If Venezuela goes down expect a domino effect with their trading partners.

-- j.r. (mgrmos@aol.com), August 27, 1999.

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