Code Red - Venezuela’s Oil and Debt Crises

Recent events in Venezuela – from missed debt payments and calls for debt restructuring to the arrest of Citgo officials and the appointment of a general with no experience in the oil business  as oil minister and head of state oil company PdVSA – signal an acceleration of the country’s crisis.  Although President Nicolas Maduro consolidated his political power following the Constitutional Assembly election of July 31, the situation on the ground continues to spiral downwards. Accelerating oil production declines and recently-imposed US financial sanctions  are muting the effect of recent oil price gains, even as the quality of Venezuelan crude exports becomes increasingly erratic. Meanwhile, the links between Caracas and Moscow appear to be deepening.     To discuss these momentous developments, CGEP organized a panel discussion featuring three experts on the country's finances, economy, politics and oil industry: Francisco Monaldi, Rice University and Fellow, Center on Global Energy Policy  Luisa Palacios, Medley Global Advisors and Fellow, Center on Global Energy Policy  Miguel Angel Santos, Harvard University The discussion was moderated by Antoine Halff, Senior Research Scholar and Director of Global Oil Markets at the Center on Global Energy Policy.