“From a financial point of view, for Venezuela, it’s not very smart,” Russell Dallen, head of Caracas Capital Markets, said of cutting oil shipments to the U.S. and sending them to China instead. “They obviously have to sell the oil at much cheaper rates because of the freight costs. But it was a political decision.” More...
Thursday, February 6, 2014
Venezuela Selloff Worsens as U.S. Oil Exports Sink
“From a financial point of view, for Venezuela, it’s not very smart,” Russell Dallen, head of Caracas Capital Markets, said of cutting oil shipments to the U.S. and sending them to China instead. “They obviously have to sell the oil at much cheaper rates because of the freight costs. But it was a political decision.” More...
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