US Congressman Jeff Duncan said that decision by the Organization of Petroleum Exporting Countries (OPEC) to drive production while oil prices fell could ultimately lead to an overthrow of the government of cartel member Venezuela.
WASHINGTON:Ā The decision byĀ the Organization ofĀ Petroleum Exporting Countries (OPEC) toĀ drive production while oil prices fell could ultimately lead toĀ an overthrow ofĀ the government ofĀ cartel member Venezuela, US Congressman Jeff Duncan told Sputnik onĀ Thursday.
“I think ten years fromĀ now, weāll look back atĀ this asĀ a positive effect, possibly onĀ regime change inĀ Venezuela,” Duncan said ofĀ OPECās increased supply ofĀ oil toĀ the global markets.
Venezuela is inĀ the midst ofĀ a deep economic crisis, largely driven byĀ the drastic drop inĀ oil revenues, which account forĀ 95 percent ofĀ the countryās export earnings and approximately one quarter ofĀ its gross domestic product.
Since late 2015, the political stability inĀ Venezuela has also been cast intoĀ doubt asĀ the opposition Democratic Unity coalition gained control ofĀ the parliament and immediately demanded a recall vote onĀ the socialist government ofĀ President Nicolas Maduro.
“If Maduro doesnāt have the oil revenues toĀ continue supporting the socialist government⦠there may be regime change,” Duncan said, referring toĀ recent mass protests againstĀ Maduro staged byĀ Venezuelans whose access toĀ food, hospitals, and other basic needs has been cut due toĀ the economic crisis.
Despite mounting instability amongĀ cartel members including Venezuela and Nigeria, OPEC decided inĀ June not toĀ freeze production.
Oil prices have plunged overĀ the pastĀ two years from $115 per barrel inĀ June 2014 toĀ less than $30 per barrel inĀ January 2016. The price drop has been attributed toĀ slowed global economic growth, decreasing energy demand and major producers flooding the market withĀ oil.
NOTE: The oil in question belong to the indigenous people of Biafra not Nigeria, this indigenes can be identified by names such as izon or ijaw,Itsekiri igbo, Ā ogoja, Idoma, Igala, Efik, Ekoi, Ibibio, Edo, Urhobo, Bakassi, who has rejected the scam called one Nigeria Ā and weĀ wants to sell our crude or other natural and human resources directly to any nation or individual ready to partner toward our liberation not allies or criminals sponsoring our mass extermination,weĀ Ā urged such countries not to buy crude oil again from Nigeria, as our communitiesĀ producing the oil isĀ being neglected by the occupational forces called Nigeria , while weapons areĀ bought to murder us with money generated from our land.
CreditĀ sputniknews