Page 8 - ANTILL DGB

8 Antilliaans Dagblad Vrijdag 2 februari 2018
Curaçao/Opinie/Service
BIOSCOPEN
www.thecinemas.com
1 - 7 FEBRUARI
Open op 5 februari vanaf 12.00 uur.
THE SHAPE OF WATER
(13 Oscar Nominations)
Dagelijks: 17.15 20.00
Late show vr. en zat.: 22.45
DEN OF THIEVES
Dagelijks: 17.30 20.30
THE COMMUTER
Dagelijks: 19.30 22.00
WOODY WOODPECKER
Dagelijks: 17.15
Zat.- en zondagmatinee: 12.45 15.00 world. According to its report to cash flow came from just about
PROUD MARY
Dagelijks: 18.00
Late show vr. en zat.: 22.45
JUMANJI: WELCOME
TO THE JUNGLE
Dagelijks: 20.15
Zat.- en zondagmatinee: 15.15
Late show vr. en zat.: 23.00
MAZE RUNNER: THE DEATH CURE
(MX-3D)
Dagelijks: 19.45
MAZE RUNNER: THE DEATH CURE
(MX-2D)
Dagelijks: 16.45
Zat.- en zondagmatinee: 13.45
MAZE RUNNER: THE DEATH CURE
(3D)
Dagelijks: 18.15
MAZE RUNNER: THE DEATH CURE
Dagelijks: 21.15
Zat.- en zondagmatinee: 12.45 15.30
FERDINAND (1 Oscar Nomination)
Laatste week
Zat.- en zondagmatinee: 12.45 15.00
PITCH PERFECT 3
Laatste week
Late show vr. en zat.: 23.00
www.themoviescuracao.com
1 - 7 FEBRUARI
Open op 5 februari vanaf 12.00 uur.
THE SHAPE OF WATER
(13 Oscar Nominations)
Nieuw deze week
Dagelijks: 20.45
Zat.- en zondagmatinee: 15.30
ROMAN J. ISRAEL, ESQ.
(1 Oscar Nomination)
Dagelijks: 20.30
Late show vr. en zat.: 22.15
Zat.- en zondagmatinee: 15.30
WOODY WOODPECKER
Dagelijks: 18.15
Zat.- en zondagmatinee: 12.45 14.45
DEN OF THIEVES
Dagelijks: 18.15 21.15
Zat.- en zondagmatinee: 12.45 15.15
THE COMMUTER
Dagelijks: 17.00 19.30 22.00
PROUD MARY
Dagelijks: 17.45 20.00
Late show vr. en zat.: 23.15
THE POST (2 Oscar Nominations)
Dagelijks: 18.15
Zat.- en zondagmatinee: 15.15
JUMANJI: WELCOME
TO THE JUNGLE
Dagelijks: 18.15 21.00
Zat.- en zondagmatinee. 12.45 15.30
FERDINAND (1 Oscar Nomination)
Zat.- en zondagmatinee: 13.00
The Death Spiral Of HET WEER OP
Venezuela’s Oil Sector DE ANTILLEN
Verwachting voor N
vanmiddag 12 uur
W O
windkracht 4 - 5 bft
golfhoogte 1 .5 - 2.5 m Z
By Francisco Monaldi Cuba. Finally, Venezuela im- being indicted, including the
last three ceo’s. The purge was
T he Venezuelan oil sector ported about 100 thousand b/d widely perceived as politically BOVENWINDSE EILANDEN
is on a death spiral despite of refined products and light oil, motivated. Manuel Quevedo, a Sint Maarten
having one of the largest partly as a diluent for the extra- National Guard General, was
appointed Minister of Oil and
resource endowments in the heavy oil. Thus, PdVSA’s net ceo of PdVSA, with a mandate Saba 26Philipsburg
to increase production and rid
the company from corruption. The Bottom 26 Oranjestad
Quevedo and his team of milita-
Opec, Venezuela’s production 800 thousand b/d. ry officers have no experience in
the oil industry, making it hard
was 1.62 million barrels per day In 2017, the U.S. government to successfully manage the St. Eustatius 26
dramatic financial and operatio-
(b/d) in December 2017, a decli- imposed some limited financial nal challenges that the company BENEDENWINDSE EILANDEN
is facing.
ne of 649 thousand b/d (or 29 sanctions on Venezuela and
The outlook for 2018 appears
percent) in just one year, and PdVSA, not allowing the com- bleak. PdVSA will continue to
have severe cash flow problems.
more than 1.1 million b/d in five pany to obtain long-term credit In this environment, invest-
ment by international oil com-
years. The in the U.S. Even panies is unlikely to increase. 27 27
country had And What Can though the sancti- Production would continue to
not seen ons did not yet decline by around 15% or 250 Oranjestad Willemstad
such low Be Done About It target oil imports thousand b/d, and more, in
case of a full-blown default, Aruba Curaçao
additional sanctions, or labor
levels of or exports, there is unrest leading to a strike. To
recover the industry, first, it is
production since the 1980s. evidence that they are having an necessary to put the macro- Bron: www.weather.com
economy in order with a com-
The current troubles of the impact on both. Buyers are prehensive adjustment program 27
including debt restructuring,
oil industry are rooted in the oil trying to find alternative sources control of hyperinflation, and a PM 23 Kralendijk
competitive foreign exchange
policies implemented by Presi- to Venezuela’s supplies and rate. Second, the institutional Venezuela Bonaire
framework of the oil industry
dent Hugo Chávez (1999-2013). banks are unwilling to give must be made more credible
and flexible, to attract signifi-
He fired about half of the work- letters of credit to PdVSA. As a cant foreign investment to the
sector. Third, the country must
force of the national oil compa- result, Venezuelan exports to transit to a more stable political
regime which can provide credi-
ny, PdVSA, during an oil strike the US have been declining at a bility and get international sanc-
tions lifted. None of these
in 2003, including the vast faster pace than before, which seems likely in 2018.
majority of top executives and will have an additional negative Francisco Monaldi is Fellow in
Latin American Energy Policy at
technical staff. He forcefully impact on PdVSA’s cash flow, Rice University’s Baker Institute.
Deze bijdrage verscheen op 24
renegotiated joint-ventures and as Venezuela must discount its januari op de website van Forbes.
operational contracts with fo- prices to lure new buyers to its i Forbes.com
reign companies and partially heavy crude and pay higher Man geeft
nationalized them. ExxonMobil transportation costs to far away zichzelf aan
and ConocoPhillips withdrew markets. bij politie
from the country as a result. Venezuela has defaulted on Van een onzer verslaggeefsters
Willemstad - De politie heeft
Thereafter, no relevant new oil many creditors, including Chi- gisterochtend een man aange- VANDAAG
houden die verdacht wordt van
projects have been completed. na and Russia, but until late mishandeling. De man had Licht tot half bewolkt, op de
zichzelf aangegeven bij het poli- meeste plaatsen droog. De
He also expropriated some 2017, it had been able to avoid tiebureau te Rio Canario. wind komt uit het oosten/
noordoosten en is matig tot
service companies. In addition, defaulting on bondholders. De man zou op 25 januari on- vrij krachtig: windkracht 4
der andere zijn moeder hebben tot 5 met uitschieters. De zee
Chávez drove PdVSA to run However, during the last quar- mishandeld. Deze mishande- is vrij rustig tot vrij ruw met
ling vond plaats in Tera Kòrá. De golfhoogtes tussen 1,5 en 2,5
into significant debt, and trans- ter of 2017 it was late in some verdachte is voorgeleid aan een meter.
hulpofficier van justitie, die zijn
formed it, de facto, into a social payments and was declared in gevangenhouding heeft bevolen MORGEN
in afwachting van nader onder-
and development ministry. selective default by the main zoek. Licht tot half bewolkt, over-
wegend droog en minder
Consequently, investment in oil rating agencies. In 2018, the wind.
development and production country faces bond payments of
declined, even during the oil more than 8 billion dollars.
price boom. Unless a significant additional
After the oil price collapse, in increase in the price of oil oc-
2014, the problems of the coun- curs, the likelihood of a genera-
try’s oil sector became much lized default is extremely high.
more severe. The average price China or Russia could provi-
of the Venezuelan oil basket, de the country a lifeline, but
which had been above $100 in they are unlikely to do so. Al-
2011 and 2012, fell to 35 dollars though China has the capacity,
in 2016. As a result of the con- it seems unwilling. It has not
sequent cash-flow collapse, increased its exposure to Vene- 9
8
PdVSA accumulated massive zuela in the last few years, al- 7
arrears with suppliers, which though it has agreed to be flexi- 5
began to reduce their activity in ble on debt repayments. The
the country. The average num- Russians have been more wil-
ber of oil rigs in operation went ling to finance PdVSA, but it
from 69 in 2014 to 49 in 2017. would be hard for them to con- Wega di
In addition, most of the oil tinue increasing their exposure
produced, does not generate in the long run. In any scenario, number
cash flow to PdVSA. Of the it does seem that Russian and
close to 1.8 million b/d of crude Chinese oil companies are
that Venezuela was producing going to have a larger role in the Kòrsou
until late 2017 (1.9 million b/d, Venezuelan oil sector, even
including gas liquids), more more so in case of severe sancti-
than 400 thousand b/d were ons or a full-blown default. In Donderdag 1 februari
heavily subsidized and consu- particular, Rosneft, the Russian
med in the domestic market at national oil company, has incre- 5535
9833
a huge loss. About 500 thou- ased its footprint in Venezuela’s 6 0901 4
2
sand b/d were committed to oil and gas production and in 0
repay loans to China, Russia, the marketing of its exports.
and other countries, as well as The year 2017 was full of
to some PdVSA JV partners. upheaval for the Venezuelan oil
Around 50 thousand b/d were sector. An anti-corruption drive
supplied, at a large discount, to inside the national oil company,
Caribbean countries, mainly to led to more than sixty executives