Desperate Chavez Awards Oil Rights To Chevron

Chavez

The Greek socialists are learning the tough lesson that it’s really, really hard maintain their political ideology in the face of an intransigent bond market.

Political leaders of all stripes realise fast that ideology is no match for economic reality.

And so it is, too, in Venezuela that Hugo Chavez is backpedaling furiously on his anti-Western status.

As Oil & Gas Eurasia notes, this week Chevron was awarded concessions in the famously oil rich Orinoco Belt.

Chavez has been quietly going in this direction for a while, and though we’re sure oil firms are eager to get back into Venezuela, they’re no doubt aware that the situation there could turn on a dime.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.