Venezuela Looks Abroad for Fuel as Domestic Production Wanes

Venezuela, home to the largest oil reserves in the world, is seeking to import 13 million barrels of fuel this year as the country’s refineries are now operating at less than half of their capacity. The purchases account for about a third of the country’s oil products needs, estimated at 200,000 barrels a day, says Alejandro Grisanti, director of the Caracas-based consultancy Ecoanalitica. “This volume should supply just part of the country’s needs this year,” he said. “PDVSA will certainly come back for more.” More…