Venezuela’s state-run oil firm PDVSA has
bought nearly $440 million worth of foreign crude and shipped it directly to
Cuba on friendly credit terms - and often at a loss, according to internal
company documents reviewed by Reuters. The shipments are the first documented
instances of the OPEC nation buying crude to supply regional allies instead of
selling them oil from its own vast reserves. Venezuela made the discounted
deliveries, which have not been previously reported, despite its dire need for
foreign currency to bolster its collapsing economy and to import food and
medicine amid widespread shortages. More…
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