Venezuela

Oil prices surge: vindication is tedious

Well, we hate to say "We told you so," but... We told you so. We've been told for the past several years now that the depressed oil prices were permanent, that thanks to fracking and the surge in US domestic production, the price was now immune to Middle East instability, dramatic spikes and "oil shocks" forever banished. Well, futures for Brent crude just hit $63.37 per barrel, with the spot price for West Texas Intermediate at $57.34. (Panorama.am, Investing.com) Creeping toward the $100 per barrel we were so recently assured was a thing of the past. OilPrice.com blames Trump's announcement that the US will move its embassy in Israel to Jerusalem, which has of course unleashed unrest in the Palestinian territories and instability fears across the Middle East. But the jump really began almost exactly a month ago, seemingly prompted by the leadership purge in Saudi Arabia. That brought the Brent crude price up to $62, its highest level since July 2015. (The Guardian, Nov. 6)

Venezuela: exiled jurists file complaint with ICC

Venezuelan Supreme Court justices currently in exile have filed a complaint with the International Criminal Court (ICC) accusing President Nicolas Maduro of crimes against humanity. The complaint was initially filed with Venezuela's Supreme Tribunal of Justice (STJ) by Hebert Garcia Plaza, a former member of the Maduro cabinet. However, the STJ stated that many of the actions alleged in the complaint could potentially qualify as crimes under the Articles 5, 6 and 7 of the Rome Statute (PDF) and that, under Venezuelan law, it did not have jurisdiction to consider the matter. Accordingly, the complaint was filed with the ICC.

Venezuela drops petro-dollar: how meaningful?

The government of Venezuela, under growing pressure from US sanctions, is telling oil traders that it will no longer receive or send payments in dollars, Dow Jones reported Sept. 13. Oil traders who export Venezuelan crude or import oil products into the country have begun converting their invoices to euros. The state oil company Petróleos de Venezuela SA (PdVSA), has instructed its private joint venture partners to convert existing cash holdings into euros. Plugging the switch, Venezuela-based state media outlet TeleSur writes: "The petrodollar is more important for US global domination than either arms exports or Hollywood culture, because it allows the US to be the biggest exporter of the dollar bills the rest of the world needs to be able to buy oil. Venezuela has decided to start de-dollarizing its economy."

Venezuela massacre latest sign of prison crisis

At least 37 were killed as a prison in southern Venezuela exploded into rebellion, authorities said Aug. 16. The death toll at the facility in the jungle town of Puerto Ayacucho, Amazonas state, was first reported by the advocacy group Venezuelan Prison Observatory and later confirmed by the Interior Ministy. The violence began when inmates seized the facility and security forces were sent in to retake it. Guards were met with gunfire and explosions when they tried to restore order. The Interior Ministry said 14 security officers were among the wounded, although none were killed.

Trump finally meets a 'dictator' he doesn't like

Well, this is cute. The Trump White House condemned Venezuela as a "dictatorship" in the wake of the contested Constituent Assembly vote, and imposed sanctions on President Nicolás Maduro. The immediate pretext is the detention of opposition figures Leopoldo López and Antonio Ledezma, who were transferred from house arrest to military prison, accused of leading protests in defiance of a nationwide ban. Trump said in a statement that the United States "condemns the actions of the Maduro dictatorship," and holds Maduro "personally responsible for the health and safety of Mr. López, Mr. Ledezma, and any others seized."

Venezuela: is the problem really 'socialism'?

There is an unseemly tone of gloating to conservative commentary on the crisis in Venezuela, with pundits calling out their opposite numbers on the left for their cheerleading for the regime and pointing to the current chaos as evidence that "socialism" doesn't work. Indeed, many left-wing commentators deserve to be called out for their uncritical attitude toward the late Hugo Chávez and his mediocre successor Nicolás Maduro. But a case can be made that, contrary to conservative and mainstream assumptions, the problem is precisely that the Bolivarian Revolution has been insufficiently revolutionary and socialist.

Venezuela: independent left rejects both sides

The vote for Venezuela's Constituent Assembly opened July 30 amid ongoing and widespread angry street protests, in defiance of a nationwide ban on demonstrations. Violence broke out as protesters attempted to block access to polling stations, resulting in at least 14 deaths. Those killed include two prominent leaders—one from each side. Ricardo Campos, a youth secretary with the opposition Acción Democrática party, was shot dead during a protest in the northeastern town of Cumana. José Félix Pineda Marcano, a chavista leader and Constituent Assembly candidate, was killed in an invasion of his home in Ciudad Bolívar. Two youths, aged 17 and 13, and a solider were killed in street-fighting in Táchira. Violence in the days leading up to the vote drove the death toll over four months of unrest above 100. (BBC News, RCN Radio, KaosEnLaRed, Clarín, July 30; AP, NPR, July 27)

Millions of Venezuelans reject constitution rewrite

Millions of Venezuelans voted on July 16 to reject President Nicolás Maduro's plan to rewrite the nation's constitution. The non-binding referendum was organized  by the country's political opposition. More than 7 million, roughly one-third of Venezuela's registered voters, took part, with over 98% rejecting Maduro's plan. Opponents charge that the plan to rewrite the 1999 constitution represents an effort to consolidate Maduro's hold on power. Maduro states that the National Constituent Assembly (ANC), consisting of 527 elected members, is the only solution to bring an end to the anti-government protests that have brought significant violence to the country. The non-binding was met with sporadic violence; several men on motorbikes opened fire on a polling station in Caracas, injuring three and killing a 61-year-old nurse. The government has refused to recognize the vote as legal and will go forward with plans to hold an election for the ANC on July 30 to select delegates for a special assembly that will be responsible for rewriting the 18-year-old constitution.

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