Venezuelan President Nicolas Maduro Gets 51% of The Vote

 

The National Electoral Council stated that President Nicolas Maduro won 51 % of the vote. The NEC also revealed that Edmundo Gonzalez got 44%. The opposition has made the claim of electoral fraud, but has not produced evidence. The Maduro administration has faced external inference and internal discord. Much of the internal dispute comes from right-wing political factions. President Nicolas Maduro's administration has presided over a struggling economy. The reason is sanctions imposed by other countries. Venezuela has some of the largest oil reserves in the world. This makes the country a target of larger powers. Nicolas Maduro wants to continue the revolutionary Bolivarianism of Hugo Chavez. The challenge is he lacks the charisma and skill of the former president. What works in his favor is survival. President Maduro has been able to avoid being victim of regime change or internal intrigue. The administration has been in power 11 years. The reason Venezuela survives is because it allies itself with other leftist governments. Nicaragua and Cuba are two countries that are essential to Venezuela's regional diplomatic ties. Brazil and Colombia are also going to become more important to Venezuela overtime. The best chance of fighting sanctions is expanding connections with African and Asian nations. Turbulence in the Middle East could elevate the importance Venezuelan oil. The US might have to normalize relations and lift sanctions to get access to it. President Nicolas Maduro still has to navigate regional hostility, threats from the EU, and right-wing plots.      

President Obama Greets Qaddafi At The G8 (2009)

 

During the G8 Summit in 2009, President Barack Obama greeted Libyan leader Muammar Qaddafi. Sky News did a segment criticizing a simple handshake. A simple gesture can be a pathway to better relations. The major disappointment of the Obama administration was that it would later call for regime change in Libya. President Obama was responsible for attacking a prosperous African country. Sky News asserts that Qaddafi was arming terrorist organizations, but the US, UK, and France used terrorist to depose Qaddafi in 2011. Libya was no threat to the security of the United States of America. President Barack Obama promised a new era in foreign policy that differed from that of the Bush administration. The Iraq War, the invasion of Afghanistan, and the drone strikes in Somalia caused much discontent among the American public. The NATO invasion would cause the migration crisis forcing many Africans to flee to Europe. The motivation for the attack on Libya was based on energy. Oil was a natural resource that the US wanted to obtain. President Obama after leaving office would admit that the invasion of Libya was an error.    

Angola Leaves OPEC

 

Angola is set to leave OPEC. This is due to a dispute over oil production and the policies set for 2024. Angola does not want to cut production and wants to fulfill contracts as the reason for the exit from OPEC. How this could impact the global economy is unknown. Angola is one of the biggest oil exporters in Africa. The end of the 16 year membership will have an effect on Angola's economy. Other countries have left OPEC unable to come to a consensus. Oil prices have gone up due to the Russia-Ukraine War and Houti rebel attacks on ships in  the Red Sea. The intent of OPEC is to make a decision about how much crude oil should be sold on the world market. Angola wants to sell its oil without certain restrictions. The minister for mineral resources, gas, and petroleum Diamantino Azevedo expressed that being in OPEC did not advance Angola's interest. Angola did not meet its obligations of production quotas. Simultaneously, members might be getting frustrated with Saudi Arabian domination in the group. Angola has the potential to use it vast oil wealth for further development. This requires improvement to infrastructure and have oil traded in the Angolan Kwanza. The MPLA needs to get back to its democratic socialist ideology ensuring economic advancement for the majority of the population. Angola is a lower middle income country, but should have a higher GDP and GNP. Angola's diamonds, agricultural, and hydroelectric potential means it one day could be one of Africa's richest nations.  

Chad Has Nationalized All Assets of Exxon Mobil

 

Chad has nationalized Exxon Mobil assets. The oil company divested in Chad around December of 2022. The current policy also applies to exploration and production authorizations. Hydrocarbon permits will are also subject to nationalization. The change in policy came from the reaction to the Savannah Energy deal. Chad felt Exxon Mobil was not upholding  previous obligations under their agreements. Courts may get involved to prevent Savannah Energy from making purchases of assets in Chad. This has also effected Cameroon, which has worked with Chad in the energy sector. A Chad-Cameroon pipeline has been planned for construction. The Doba oil project was designed to make Chad produce larger amounts of oil. It contains seven oil fields and produces 28,000 barrel per day. The government wants a better deal, which benefits the economy. Savannah Energy stated it will take the assets under the Exxon Agreement. Savannah Energy is a British company active in Niger and Nigeria. The fear from the company is that other African nations will nationalize assets. According to their statement it intends to use the ICC to pursue legal rights. If Chad can successfully fight the legal claims, it may get back control of its own economic policy. Oil can generate much wealth. If  the wealth is not applied to development or increasing the standard of living it means nothing. Exploitation by foreign corporations of Africa's natural resources remains common. Nationalization might be a method of preventing such an occurrence.  

President Teodoro Obiang Nguema Wants To Extends His Rule

 

President Teodoro Obiang Nguema is planning on  extending  his rule. Since 1979 he as ruled Equatorial Guinea. Only two presidents have held office and President Nguema came to power through a coup. Equatorial Guinea gained its independence from Spain in 1968. The first president was Nguema's uncle Francisco Macias Nguema. The country has been under the rule of one family for 43 years. The elections that have happened since have been questioned by international observers. Equatorial Guinea has the benefit of oil reserves and production. Although it oil wealth is known, the population still remains in poverty. Political repression and limited press freedom have left the public frustrated. Nepotism has become another concern as his son might be a potential successor. The political opposition does not have the ability to remove him from office. Simultaneously, the demand for non-Russian oil puts President Nguema in a stronger position. Casting a ballot means little in a regime that is authoritarian, but has democratic institutions. Equatorial Guinea closed its borders ahead of elections. The reason stated by the government was to prevent destabilization from mercenaries or foreign powers.  Closing the border during elections harms commerce which Cameroon, Chad, and Gabon are dependent on. The measure is not targeted at merchants, rather it is designed to control the movement of citizens of Equatorial Guinea. Those who flee the country could spread information about abuses to the world.  Equatorial Guinea is a major force in the Central African Economic and Monetary Community. Over the decades there has been significant investment in infrastructure. However, the limited amounts of wealth distribution have undermined that accomplishment. Many have suspected that most of the profits from oil have gone to enriching the Nguema family. All the accusations of corruption the government has denied. The list of crimes has become more extensive over the years. Torture and violence by the state security apparatus has occurred. This makes protest or armed uprising impossible to do in Equatorial Guinea.    

President Jose Eduardo Dos Santos Blames Economic Crisis on Sonangol Oil Firm (2016)

 

At one time Angola was a Marxist-Leninist political and economic system. After the fall of the Soviet Union, Angola allowed for a market economy to emerge. The new policy did not bring about prosperity, when President Jose Eduardo  dos Santos encouraged foreign investment. Angola became one of Africa's largest oil producers, but most Angolans did not see improvement related to income or an increase in the standard of living. The economy fell into a worse condition by 2016. He stated that Angola was broke and blamed it on mismanagement by the state oil firm Sonangol. It was apparent by this point a level of corruption was responsible for stolen wealth or missing funds. The appointment of Isabel dos Santos as chairwoman was designed to cover-up criminal acts and ensure that the  Santos family could continue to enrich itself. During that year it was a struggle to generate funds for essential imports. Jose Eduardo Dos Santos left a legacy of kleptocratic government, failed free market policies,  and nepotism.  

Russia Wants Gas And Oil To Be Paid In Rubles

 

Russia  had sanctions placed on it for the invasion of Ukraine. The response has been to have nations it considers unfriendly to pay for gas and oil in rubles. This is designed to counter the effects of sanctions. The problem for EU states is that a majority of gas is purchased from Russia. The US intends to sell more liquified gas to Europe. Both the US and Russia were competing for the European energy market. The sanctions on Russia have caused some harm to the countries that have supported them. Gas prices have increased putting strain on the average citizen. All countries are not willing to sanction Russia. India, China, South Africa, and the Central Asian countries have not imposed sanctions. The sanctions will harm the Russian population, rather than the leadership. The EU might not have their energy needs met. The conflict in Ukraine has a dimension of economic warfare. Part of the reason for the conflict is to exploit Ukraine's gas reserves. The ruble is losing value, but the dollar could gradually lose influence. Economic warfare between the EU-US block and Russia could destabilize world markets.