Supermajority or Not, in Venezuela It's Still About Oil Prices
- Falling price of oil is government's biggest problem
- Brent crude sank below $40 Tuesday for first time in 7 years
Sunset over El Palito oil refinery in Puerto Cabello, Venezuela.
Photographer: Meridith Kohut/BloombergThis article is for subscribers only.
Just when it looked like change was coming to Venezuela, along came OPEC to spoil the party.
Celebrations were still taking place in Caracas in the aftermath of elections Sunday that saw opposition lawmakers win a majority in congress for the first time in 16 years, but optimism over the prospect of a challenge to President Nicolas Maduro’s government has started to fizzle out as Brent crude fell below $40 a barrel for the first time since 2009.