Page 8 - CITGO

8 Antilliaans Dagblad Vrijdag 2 februari 2018
Curaçao/Opinie/Service

BIOSCOPEN The Death Spiral Of HET WEER OP

www.thecinemas.com DE ANTILLEN
Venezuela’s Oil Sector Verwachting voor W N O
vanmiddag 12 uur
1 - 7 FEBRUARI windkracht 4 - 5 bft Z
golfhoogte 1 .5 - 2.5 m
By Francisco Monaldi Cuba. Finally, Venezuela im- being indicted, including the
Open op 5 februari vanaf 12.00 uur. he Venezuelan oil sector ported about 100 thousand b/d last three ceo’s. The purge was BOVENWINDSE EILANDEN
THE SHAPE OF WATER is on a death spiral despite of refined products and light oil, widely perceived as politically Sint Maarten
(13 Oscar Nominations) T having one of the largest partly as a diluent for the extra- motivated. Manuel Quevedo, a
Dagelijks: 17.15 20.00 resource endowments in the heavy oil. Thus, PdVSA’s net National Guard General, was
Late show vr. en zat.: 22.45 Saba Philipsburg 26
world. According to its report to cash flow came from just about appointed Minister of Oil and The Bottom 26
DEN OF THIEVES Opec, Venezuela’s production 800 thousand b/d. ceo of PdVSA, with a mandate Oranjestad
Dagelijks: 17.30 20.30 was 1.62 million barrels per day In 2017, the U.S. government to increase production and rid St. Eustatius 26
THE COMMUTER (b/d) in December 2017, a decli- imposed some limited financial the company from corruption. BENEDENWINDSE EILANDEN
Dagelijks: 19.30 22.00 ne of 649 thousand b/d (or 29 sanctions on Venezuela and Quevedo and his team of milita-
percent) in just one year, and PdVSA, not allowing the com- ry officers have no experience in
WOODY WOODPECKER
Dagelijks: 17.15 more than 1.1 million b/d in five pany to obtain long-term credit the oil industry, making it hard
Zat.- en zondagmatinee: 12.45 15.00 years. The in the U.S. Even to successfully manage the 27 27
country had And What Can though the sancti- dramatic financial and operatio-
PROUD MARY Oranjestad Willemstad
Dagelijks: 18.00 not seen ons did not yet nal challenges that the company Aruba Curaçao
Late show vr. en zat.: 22.45 such low Be Done About It target oil imports is facing.
levels of or exports, there is The outlook for 2018 appears
JUMANJI: WELCOME
TO THE JUNGLE production since the 1980s. evidence that they are having an bleak. PdVSA will continue to
Dagelijks: 20.15 The current troubles of the impact on both. Buyers are have severe cash flow problems. 27
Zat.- en zondagmatinee: 15.15 oil industry are rooted in the oil trying to find alternative sources In this environment, invest- Kralendijk Bron: www.weather.com
Late show vr. en zat.: 23.00 PM 23
policies implemented by Presi- to Venezuela’s supplies and ment by international oil com- Bonaire
MAZE RUNNER: THE DEATH CURE dent Hugo Chávez (1999-2013). banks are unwilling to give panies is unlikely to increase. Venezuela
(MX-3D) He fired about half of the work- letters of credit to PdVSA. As a Production would continue to
Dagelijks: 19.45
force of the national oil compa- result, Venezuelan exports to decline by around 15% or 250
MAZE RUNNER: THE DEATH CURE ny, PdVSA, during an oil strike the US have been declining at a thousand b/d, and more, in
(MX-2D) in 2003, including the vast faster pace than before, which case of a full-blown default,
Dagelijks: 16.45
Zat.- en zondagmatinee: 13.45 majority of top executives and will have an additional negative additional sanctions, or labor
technical staff. He forcefully impact on PdVSA’s cash flow, unrest leading to a strike. To
MAZE RUNNER: THE DEATH CURE
(3D) renegotiated joint-ventures and as Venezuela must discount its recover the industry, first, it is
Dagelijks: 18.15 operational contracts with fo- prices to lure new buyers to its necessary to put the macro-
reign companies and partially heavy crude and pay higher economy in order with a com-
MAZE RUNNER: THE DEATH CURE nationalized them. ExxonMobil transportation costs to far away prehensive adjustment program
Dagelijks: 21.15
Zat.- en zondagmatinee: 12.45 15.30 and ConocoPhillips withdrew markets. including debt restructuring,
from the country as a result. Venezuela has defaulted on control of hyperinflation, and a
FERDINAND (1 Oscar Nomination) Thereafter, no relevant new oil many creditors, including Chi- competitive foreign exchange
Laatste week VANDAAG
Zat.- en zondagmatinee: 12.45 15.00 projects have been completed. na and Russia, but until late rate. Second, the institutional
He also expropriated some 2017, it had been able to avoid framework of the oil industry Licht tot half bewolkt, op de
PITCH PERFECT 3 service companies. In addition, defaulting on bondholders. must be made more credible meeste plaatsen droog. De
Laatste week
Late show vr. en zat.: 23.00 Chávez drove PdVSA to run However, during the last quar- and flexible, to attract signifi- wind komt uit het oosten/
into significant debt, and trans- ter of 2017 it was late in some cant foreign investment to the noordoosten en is matig tot
www.themoviescuracao.com formed it, de facto, into a social payments and was declared in sector. Third, the country must vrij krachtig: windkracht 4
and development ministry. selective default by the main transit to a more stable political tot 5 met uitschieters. De zee
Consequently, investment in oil rating agencies. In 2018, the regime which can provide credi- is vrij rustig tot vrij ruw met
development and production country faces bond payments of bility and get international sanc- golfhoogtes tussen 1,5 en 2,5
declined, even during the oil more than 8 billion dollars. tions lifted. None of these meter.
price boom. Unless a significant additional seems likely in 2018.
1 - 7 FEBRUARI After the oil price collapse, in increase in the price of oil oc- MORGEN
2014, the problems of the coun- curs, the likelihood of a genera- Francisco Monaldi is Fellow in
Open op 5 februari vanaf 12.00 uur. try’s oil sector became much lized default is extremely high. Latin American Energy Policy at Licht tot half bewolkt, over-
THE SHAPE OF WATER more severe. The average price China or Russia could provi- Rice University’s Baker Institute. wegend droog en minder
(13 Oscar Nominations) of the Venezuelan oil basket, de the country a lifeline, but Deze bijdrage verscheen op 24 wind.
Nieuw deze week which had been above $100 in they are unlikely to do so. Al- januari op de website van Forbes.
Dagelijks: 20.45 2011 and 2012, fell to 35 dollars though China has the capacity,
Zat.- en zondagmatinee: 15.30
in 2016. As a result of the con- it seems unwilling. It has not i Forbes.com
ROMAN J. ISRAEL, ESQ. sequent cash-flow collapse, increased its exposure to Vene-
(1 Oscar Nomination)
Dagelijks: 20.30 PdVSA accumulated massive zuela in the last few years, al-
Late show vr. en zat.: 22.15 arrears with suppliers, which though it has agreed to be flexi- Man geeft
Zat.- en zondagmatinee: 15.30 began to reduce their activity in ble on debt repayments. The
WOODY WOODPECKER the country. The average num- Russians have been more wil- zichzelf aan
Dagelijks: 18.15 ber of oil rigs in operation went ling to finance PdVSA, but it
Zat.- en zondagmatinee: 12.45 14.45 from 69 in 2014 to 49 in 2017. would be hard for them to con-
DEN OF THIEVES In addition, most of the oil tinue increasing their exposure bij politie
Dagelijks: 18.15 21.15 produced, does not generate in the long run. In any scenario,
Zat.- en zondagmatinee: 12.45 15.15 cash flow to PdVSA. Of the it does seem that Russian and Van een onzer verslaggeefsters
THE COMMUTER close to 1.8 million b/d of crude Chinese oil companies are Willemstad - De politie heeft
Dagelijks: 17.00 19.30 22.00 that Venezuela was producing going to have a larger role in the gisterochtend een man aange-
until late 2017 (1.9 million b/d, Venezuelan oil sector, even houden die verdacht wordt van
PROUD MARY
Dagelijks: 17.45 20.00 including gas liquids), more more so in case of severe sancti- mishandeling. De man had
Late show vr. en zat.: 23.15 than 400 thousand b/d were ons or a full-blown default. In zichzelf aangegeven bij het poli-
heavily subsidized and consu- particular, Rosneft, the Russian tiebureau te Rio Canario. Donderdag 1 februari
THE POST (2 Oscar Nominations)
Dagelijks: 18.15 med in the domestic market at national oil company, has incre- De man zou op 25 januari on- 5535
Zat.- en zondagmatinee: 15.15 a huge loss. About 500 thou- ased its footprint in Venezuela’s der andere zijn moeder hebben
JUMANJI: WELCOME sand b/d were committed to oil and gas production and in mishandeld. Deze mishande-
TO THE JUNGLE repay loans to China, Russia, the marketing of its exports. ling vond plaats in Tera Kòrá. De 9833
Dagelijks: 18.15 21.00 and other countries, as well as The year 2017 was full of verdachte is voorgeleid aan een
Zat.- en zondagmatinee. 12.45 15.30 to some PdVSA JV partners. upheaval for the Venezuelan oil hulpofficier van justitie, die zijn
FERDINAND (1 Oscar Nomination) Around 50 thousand b/d were sector. An anti-corruption drive gevangenhouding heeft bevolen 0901
Zat.- en zondagmatinee: 13.00 supplied, at a large discount, to inside the national oil company, in afwachting van nader onder-
Caribbean countries, mainly to led to more than sixty executives zoek.