Venezuela is Now Importing U.S. Oil

   

Venezuela is Now Importing U.S. Oil

- 9:24 pm - October 1st, 2016


Venezuela is not exactly what you'd consider America's closest ally. You might recall the late Hugo Chavez at a 2006 United Nations meeting saying of then-President George W. Bush, "The devil came here yesterday, and it smells of sulfur still today, this table that I am now standing in front of." Of course, a lot can change in a decade.

Back then, Venezuela was one of the world’s leading oil producers. Now, the country ranks 12th behind Kuwait and Mexico among others. Venezuela currently produces 2.4 million barrels a day, which is 350,000 less than it did each day in 2015 and a full 1 million less than it did in 1998. As a result of this situation and other factors, Venezuela must now import from the U.S. some 50,000 barrels of light crude each day in order to prepare its own oil for the exports upon which the Venezuelan economy depends.

For a full report, read: "How Bad Off is Oil-Rich Venezuela? It's Buying U.S. Oil." NY Times. Sept. 20, 2016.