Citgo turns to the US to compensate decline in oil shipments from Venezuela

Citgo, a subsidiary of state-run oil corporation Petróleos de Venezuela (Pdvsa) based in Houston, has been increasingly doing what many described as unthinkable: replacing crude oil and byproducts from Venezuela with US products. For decades, the United States has been Venezuela's main client, particularly after Pdvsa purchased Citgo in the 1980s. However, oil shipments from Venezuela to the United States have been falling as Pdvsa's production is hit by stagnation and shipments to Asia increase, reported Reuters. More...