Miguel Octavio explains in a good piece the dynamics of oil production in Venezuela, all of which proves that Venezuela’s oil production is severely lower than anyone thought, and its earnings are crippled. That’s bad news for dictator Hugo Chavez who depends on oil earnings to buy the loyalty of his shantytown voters. It’s worth reading. Read the whole thing here.

Blogger Daniel Duquenal also has a good essay on the oil company’s fake figures. Fine work. Read it here.