Summary
After open-collar, red-shirt-clad Hugo Chavez claimed a victory in a referendum, the global oil outlook is gloomier than before. Geopolitically, Venezuela has become a flashing red light.
During his six years in power, Mr. Chavez has increasingly politicized oil, nationalized and mismanaged the national oil company PDVSA, and used its finances as a political kitty (up to $3.7 billion this year alone) to buy off the poor. Beyond Venezuela, he sees himself replacing Fidel Castro as the leader of Latin America's radical left, opposing democracy, free markets, and American influence.See the full content of this document
Extract
Venezuela: A Flashing Red Light
Mr. Chavez uses oil as a political tool to advance his hemispheric and global ambitions. He played a key role in the 1999 and 2003 decisions of the Organization of Petroleum Exporting Countries to cut production and coordinate policy aimed at driving oil prices higher. In 2000, Mr. Chavez visited Iran, Iraq, Libya and Saudi Arabia,...
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