Venezuela allows Uruguay to pay for some oil with goods, services

OPEC member Venezuela said on Tuesday it has modified a deal with beef-exporting Uruguay to allow it to pay for oil with goods and services, in the latest move possibly designed to ease shortages. Under a July contract, Venezuela promised to supply some 12,330 bpd to Uruguay this year. In addition to beef, Uruguay also exports dairy products, soy, rice, and oranges. The presidents of both South American countries changed the 2005 cooperation agreement in late January, the Venezuelan government's official daily gazette said on Tuesday. Under the original deal, Montevideo can pay as much as 25 percent of its purchases in 15 years so long as Venezuela's export barrel remains above $30. More…