As world oil prices have dropped to historic lows, countries like Venezuela, whose budgets rely heavily on oil, have started to feel the effects. Today Professor in Geopolitics and International Trade, Johnny Marquez, speaks to our host Cody Weddle about the causes of plunging oil prices, their geopolitical implications, the world’s oil reserves, the need for cooperation between OPEC and non OPEC countries, the oil needs of countries in development, Venezuela’s need to produce more oil, its need to develop gas and petrochemical sectors, and prospects for the future. teleSUR
