OPEC and US Shale have been duking it out in the oil markets for a few years now—ever since the days of $100 oil. OPEC, led by Saudi Arabia, took up a campaign to flood the market with oil to drown out the rising stars of the US Shale world. But that $100 oil came at a price, and the glut sunk prices to uber lows that hurt every oil producer in the world—some more than others. Venezuela was no exception to feeling hurt. Its state oil company, PDVSA—or shall we say the Hugo Chavez administration’s personal piggy bank—was already reeling from corruption, and was busy fighting with foreign oil firms who were operating in country and subsequently booted out. The country had no money to invest in its cash cow to keep it running. President Nicolas Maduro–who took office when oil producers were for the most part fat, […]