Chavez is trying borrow his way back to checkbook diplomacy ……but this time its going be borrowed money with tough creditors.
The current production is still way overstated at 3 million bpd – 2-2.5 MM Bpd at best; but with JV Upgrader projects in works the +1.1MM bpd is doable.
<See previous post on 6 new upgraders (and cokers) on project planning for Venezuela each at 60% PDVSA ownership.>
Regards
