Lights Out
29 April 2016: Venezuelans can’t seem to catch a break. The country’s economy, already reeling from the impact of low oil prices, has been dealt another blow by acute power shortages. Venezuela sources about 60% of its electricity from hydroelectric power and the El Nino weather phenomenon has caused severe drought. The water level behind the nation’s largest hydroelectric facility, the Guri Dam in Bolivar State, has reached critically low levels. To save electricity, the President declared earlier this week that government workers will only work on Monday and Tuesday. Schools will also be closed on Fridays starting this week. The country is experiencing rolling blackouts, particularly in the smaller towns. Power shortages could further deteriorate Venezuela’s oil industry, including oil production and refining. This in turn will have an impact on crude oil and refined product shipping markets.
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