4 members / 433 guests (24 hours)

An Interesting IDB update! And how IDB got even faster.  IDB is fast, reliable, and FREE to use. Just join and start posting!

Repsol, Statoil Pull Foreign Oil Workers From Venezuela

Repsol, Statoil Pull Foreign Oil Workers From Venezuela

zerohedge.com / by Tyler Durden / Aug 7, 2017 12:35 PM

One day after Venezuela allegedly squashed a “military rebellion“, in anticipation of further political and social turmoil in the socialist nation, energy giant Repsol SA pulled all foreign workers from its fields in Venezuela, Bloomberg reports adding that Norway’s Statoil ASA also removed all expat staff.

According to Bloomberg, Repsol field workers left the country in the past few weeks, with a skeleton expatriate staff remaining at the company’s offices in Caracas. Separately, Statoil withdrew its last three foreign workers before the July 30 election to ensure their safety, Erik Haaland, a company spokesman, told Bloomberg by phone.

The immediate result of the departures will be an even bigger decline in Venezuela’s oil output – the only remaining asset which Maduro can readily exchange for dollars – further exacerbating the country’s financial crisis as the inflow of hard currency slows further.

READ MORE