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Bacchus4.0

(6,837 posts)
Thu Feb 4, 2016, 04:40 PM Feb 2016

Oil-rich Venezuela is now importing U.S. oil

http://money.cnn.com/2016/02/03/news/economy/venezuela-imports-american-oil/index.html

Venezuela has more oil than any other country on the planet. But it just bought a bunch of American crude.

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The fact that Venezuela is importing American oil is raising eyebrows because Venezuela has 298 billion barrels of proven oil reserves, according to the Energy Information Administration. That's more than Saudi Arabia, Russia or Iran and eight times the reserves of the United States.

But the oil extracted in Venezuela is very heavy and hard to refine and then sell to other countries. Venezuela needs to first mix its heavy oil with lighter types of crude to balance out the quality, according to Nilofar Saidi, an oil market analyst at ClipperData.
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Venezuela is getting crushed by low oil prices. Its economy greatly depends on oil exports to drive growth. As oil prices have plunged in the past two years, so has Venezuela's economy, which is now in a severe recession. It's arguably the worst economy in the world.

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Oil-rich Venezuela is now importing U.S. oil (Original Post) Bacchus4.0 Feb 2016 OP
Why does the CIA allow this? FBaggins Feb 2016 #1

FBaggins

(26,743 posts)
1. Why does the CIA allow this?
Thu Feb 4, 2016, 04:46 PM
Feb 2016

Surely it would assist their "economic war" strategy to make it harder for Venezuela to export oil.

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