Now, the well is drying up. Oil production has cratered under mismanagement. Venezuela is already late on more than $6 billion in bond payments, and creditors are beginning to circle. State-owned oil firm PdVSA, which owes billions to service companies and has defaulted on more than $2 billion in bonds, recently lost rulings against ConocoPhillips and a Canadian mining company that will pave the way for claimants to seize assets of Houston-based subsidiary Citgo. The Maduro government's announcement yesterday that it would devalue the currency was a remarkable admission that the state is broke.
A Predata signal that anticipates major shakeups and incidents related to the Venezuelan military within a 30-day window has now hit its highest level since June of last year, when it spiked before a rogue criminal investigator hijacked a helicopter and attacked the Supreme Court in what was later understood to be an aborted coup attempt. In early August, the signal shot upward just days before a failed drone attack against Maduro.