Schlumberger Cutting Venezuela Work Because the Country Has No Cash

[Freddie Stubbs]

Source: Fortune

Oilfield services provider Schlumberger said it would reduce its operations in Venezuela due to payment problems, a further sign of the cash crunch facing the OPEC nation because of weak oil markets.

Venezuelan state oil company PDVSA, the exclusive operator of the country’s oilfields, has built up billions of dollars in unpaid bills to service providers as a result of cash-flow problems.

“Schlumberger appreciates the efforts of its main customer in the country to find alternative payment solutions and remains fully committed to supporting the Venezuelan exploration and production industry,” the company said in a statement.

“However, Schlumberger is unable to increase its accounts receivable balances beyond their current level.”



Read more: http://fortune.com/2016/04/13/schlumberger-venezuela-cutbacks-cash/

[brush]

1. Seems the Saudi's tactic of flooding the market with oil is working

They're cashing out competitors.

[Freddie Stubbs]

2. Yet Venezuela seems to be the only OPEC nation on a financial death-spiral

[brush]

3. Could be, or maybe they're the first to go.

[Bacchus4.0]

4. Venezuela is utterly and completely dependent on oil nt

[FLPanhandle]

5. Most of Venezuela issues are due to fixed currency controls

and other regulations. All self inflicted wounds

[geek tragedy]

7. yes, and it's the poorly run competitors and the ones that haven't diversified

their economies that are getting hit first.

all the competitors are feeling some pain, but VZ has been one of the worst run economies for decades now--under rightwingers, leftwingers, doesn't matter.

[flamin lib]

6. Just a note to all . . .

The company's name is pronounced Slumber Jay. If you find yourself talking about it . . .

[Akicita]

8. Actually it's pronounced Shlumber Jay.

[7962]

9. Ah, the "revolution" continues...to destroy the country!

One day the people will take over and return sanity. Hopefully

[COLGATE4]

10. Actually, they already have with the election of a

new Legislature. Unfortunately it is being hamstrung by an 11th hour packed with Chavistas Supreme Court who declare any bill passed "unconstitutional". But not to worry - at the pace this is swirling the bowl I fully expect to see the streets filled with unhappy Venezuelans demanding that Maduro (and the rest of the Boligarchs) resign.