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"Penn West Petroleum, based in Calgary, Alberta, is an independent Canadian energy company focused on the exploration and production of oil and natural gas resources in Saskatchewan, Alberta, and British Columbia. At the end of 2015, the company reported proven reserves before royalties of 208 million barrels of oil equivalent. Daily production averaged 86,000 barrels of oil equivalent in 2015,... see more

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PENN WEST PETROLEUM LTD. > Escalating Venezuela Turmoil's Effect On Oil Markets

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Post by makedonka on Mar 31, 2017 6:35pm

Escalating Venezuela Turmoil's Effect On Oil Markets

"On Thursday, Venezuela's Supreme Court took over the National Assembly, the opposition, arguing it violated the constitution.

We believe this move by President Maduro is tantamount to political suicide.

However, with Maduro controlling the armed forces and oil revenue, the opposition lacks the firepower to overthrow his regime.

We believe the current economic turmoil will be a self-fulfilling prophecy resulting in steeper declines in oil production.

Implications for more political uncertainty is bullish for oil prices."

https://seekingalpha.com/article/4059559-escalating-venezuela-turmoils-effect-oil-markets-oil-markets-daily

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