Eye World, Issue 1684
There’s the local triumvirate, comprising the “highly respected” (Trump dixit) Delcy Eloína Rodríguez, erstwhile deputy to our mustachioed ex-supremo Maduro (now languishing in a cell in Brooklyn), her evil psychiatrist brother Jorge Rodríguez, and interior and “justice” minister Captain Diosdado Cabello, whose symbol is a knotty wooden club he carries with him.
Then there’s the layer of opacity and corruption slathered on top since US president Donald Trump sent in Delta Force on 3 January, primarily to install – how could we have doubted it – a pliant regime that would facilitate his looting of Venezuela’s natural resources and, en passant, kick out the Chinese.
Barrel ageing
Once upon a time, before Hugo Chávez came to power in 1999, Venezuela was a serious oil power, pumping more than 3m barrels a day and on track for 5m. A quarter century of corruption, negligence and incompetence later, it barely manages a million. Pipelines and refineries are rusting. It would take, say experts, $100bn and at least a decade to match historical production levels.
With what are touted (admittedly with a modicum of exaggeration) as the world’s biggest oil reserves, located a few days’ sailing from the world’s biggest consumer, Venezuela ought to have no difficulty attracting that money. But it’s still run by a mediocre kleptocracy, detached from the rule of law and with a history of expropriating foreign businesses. Not to mention being in default on a complex external debt of approaching $200bn.
So, despite a new oil law, rubber-stamped by our National Assembly at Washington’s behest, which winds back the clock of resource nationalism by about 50 years, the oil majors have mostly been reluctant to reach into their pockets.
Oil be having you
Nothing daunted, the White House has gone into the oil business with Alejandro Betancourt, a Venezuelan entrepreneur who got rich selling used turbines to Chávez’s government as a “solution” to our chronic electricity crisis. It’s more than a touch ironic that one of the main brakes on increased oil output is the 2.5MW electricity shortfall Betancourt failed to fix. And that every extra barrel produced brings more misery to us via even lengthier power cuts.
The deal, whose text has not been made public, gives the US effective control of Betancourt’s company, NABEP; the right to buy at cost price 20 percent of all the oil it produces (from the 17 no-bid oilfield concessions granted it by Delcy); and first refusal on the rest. It has gone down like a rat sandwich with most Venezuelans.
Fortunately for Trump, it looks like being a while before we’ll have a say in the matter.
Loyal opposition
Ah, but what of negotiations between government and opposition, intended, says US secretary of state Marco Rubio, to bring about phase three of his Venezuela plan (stabilisation, economic recovery, political transition)?
Last month a US-picked opposition team (purposely excluding Nobel Peace Prize winner María Corina Machado) began talks with the government. “Those aren’t talks,” says a moderate opposition politician, but “an implementation committee” whose purpose is “to spend days failing to reach a consensus, and then sign anyway a document already drafted in Washington. So far, they have agreed to reform the Supreme Court and seek to recover Venezuelan gold that’s in the Bank of England.”
We shall see, but why would the US president want to replace his beloved Delcy with something so potentially disruptive to his plans as a functioning democracy?
COLUMNISTSIssue 1684
With M.D.: “As a dual national, MD is vexed that Australian states have introduced properly safeguarded voluntary assisted dying to allow terminally ill adults to die sooner should they ask for help to do so, and yet the UK parliament has not, despite around 70 percent of UK adults wanting choice at the end of life…”
With Bio-Waste Spreader: “In its latest report, Resilience of the Food Supply Chain to Disruptions, the National Audit Office (NAO) warns of a growing risk to Britain’s food supplies, going so far as to suggest the public should stock up on basics in preparation for ‘severe shocks’ – extreme weather, cyberattacks, disease. But why does it not point out the bleedin’ obvious: that improving UK food security means reviving productive British agriculture…”
With Dr B Ching: “Could much-needed improvements to northern railways under Andy Burnham’s leadership distract from solving West Country rail problems? This month the government announced 29 new privately financed battery-electric trains for its northern TransPennine Express company, where the existing fleet’s average age is a youthful 14 years. Comparable West Country journeys depend on diesel trains already 35 to 40 years old, with no new trains on order…”
With Lady Liberty: “Have you started worrying about the potential for AI to kill us all, following the industry’s collective freakout in recent weeks? Fear not, because Donald Trump has the answer. Yes, some AI leaders want an industry-wide slowdown, and a pact with China, whose leader Xi Jinping is scheduled to visit Washington DC this week. But not El Presidente. No, all the regulation that’s needed, Trump posted on his TruthSocial network, is a ‘STRONG AND SMART (High IQ!) PRESIDENT…’”
With Remote Controller: “Landmark events are often quadrennial – American presidential elections, World Cups, Olympics – but the king of septennial rotation is Up, the developmental documentary that selected 14 seven-year-olds in 1964 and followed up every seventh year (except with the dissenting or dead). The aim of Up was to observe whether the have-nots prosper less in England than the have-lots…”
With Old Sparky: “Why has Donald Trump told Ukraine’s president Volodymyr Zelensky to stop attacking Russian diesel production plants? And could any such move lead to lower diesel prices for all of us? It’s complicated. President Vladimir Putin sowed the seed in the US president’s mind during a recent call. Russia is suffering badly from Ukraine’s long-range attacks on its vast, vulnerable oil industry, with refinery capacity reduced by some 30 percent…”
With Lunchtime O’Boulez: “When the government said it had ‘no plans’ to rejoin Creative Europe, it dashed hopes that Andy Burnham’s new regime would actually do something about the problems faced by touring musicians since Brexit. According to UK Music, since 2021 a quarter of British performers have lost all their EU work, with average tour earnings down by 45 percent as bureaucratic costs have soared…”
With Gold Digger: “The captains of industry welcomed into Number 10 last week for a ‘business summit’ already had plenty to smile about. Speaking in the West Midlands the week before, chancellor John Healey had softened them up by promising to ‘reduce the burden of business regulation by 25 percent by the end of this parliament’. As part of this, the business department had released plans to water down rules on how directors run and report on their companies. And, as with the summit’s dress-down code, the theme was relaxation…”


























