Oil production outside of Venezuela continues to rise, and this poses a threat to the Revolution. This interview with International Energy Agency chief Maria van der Hoeven (from OilPrice.com) lays it out. The money quote:
“…In our January 2014 Oil Market Report, we noted that with US crude oil production exceeding even the boldest of expectations in 2013 by a wide margin, the crude wall (the idea that production in the US has reached its peak) now seems to be looming larger than ever. Having said that, challenges to US production growth are not imminent. Potential US growth in 2014 seems a given, even against the backdrop of resurgent non-OPEC supply growth outside North America.”Caracas Chronicles is 100% reader-supported. Support independent Venezuelan journalism by making a donation.