GM Factory Seizure Threatens Oil Sector In Venezuela

The Venezuelan government’s seizure of a GM factory, as reported by Reuters, signals that the deeply corrupt regime of President Nicolas Maduro is escalating its self-defeating actions. Ironically, for oil prices, this could prove bullish, as the operating environment is increasingly hostile and the few foreign firms still operating oil assets may flee the country. Of course, with oil providing between 40 percent and 70 percent of government revenues (depending on the oil price), a seizure of foreign oil assets by Maduro’s regime would…

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