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Venezuela cheap oil and fuel shipments to allies fall to a five-year low

Saturday, August 30th 2014 - 07:10 UTC
Full article 8 comments

Venezuela’s shipments of crude oil and fuel to its allies have fallen to a five-year low as a weak economy hits its ability to uphold accords that former president Hugo Chávez struck to lower energy costs for friends and expand his diplomatic clout. Read full article


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  • ilsen

    Interesting reports on Caracas Chronicles website regarding Venezuela importing oil. Yes, dear reader, that is correct. Venezuela has the largest reserves on the continent and the feckless Bolivarianist PDVSA is IMPORTING oil because they are too inept, ineffectual and corrupt to refine what they have.
    Venezuela is currently in hock to China for $25 Billion and counting but continues to subsidise Cuba to the tune of $9 Billion a YEAR. All these payments come from the oil revenues.
    Now they importing oil? WTAF?
    Can anyone make sense of this?

    Aug 30th, 2014 - 09:19 am - Link - Report abuse 0
  • ChrisR

    @ 1 ilsen

    A little bird told MADuro he must keep doing it for the memory of Chubby.

    It's the only “sensible” answer I can come up with. “Sensible” as defined in the whacky world that is Venezuela today. :o(

    Aug 30th, 2014 - 11:43 am - Link - Report abuse 0
  • Anglotino

    God if my country had these resources we'd be the richest in the world. We could double our immigration intake and really spread the wealth and not just squander it on the lifestyles of the boligarchs.

    Aug 30th, 2014 - 11:50 am - Link - Report abuse 0
  • ilsen

    A gallon of petrol/gasoline at the pumps in Venezuela costs US$0.09, (at official exchange rate of 6.3Bfs to US$1, not the 'blue' of Bfs70/80). Even PDVSA accepts that it cost US$0.20 to get it to the pumps.

    The refineries are in a state of collapse due to lack of investment/maintainence and the fact those with real knowledge/experience were fired after the union strikes and replaced with chavista cronies and henchmen.The crude oil has to be shipped to the Citgo refineries in the USA (the great Satan!), then the gasoline is shipped back to be sold at subsidised rates to the consumers. The subsidy is paid from the revenues of the crude sold at preferential, (below market), rates to the ALBA nation, to whom Venezuela can't produce enough to meet prior agreements.
    Y'all still with me?
    In general, the average Venezuelan sees it as their 'birthright' to recieve 'free' gasoline. Any big price hikes would bring an end to public transport and transportation of goods and foodstuffs, 90% of which is imported and all moved by truck.
    Thus any price rise would wreck what is left of the Economy and would bring down the Boligarch regime.

    Meanwhile that scum of a Foriegn Minister sports new Gucci suits and handmade shoes from London, and Mas-Burro has a new Rolex to go with his dodgy silk tracksuits.

    Only these socialist idiots could take the worlds largest source of heavy crude and turn it into a loss-making exercise.

    Now do you all understand my frustration with these Boli-bullshitters destroying a beautiful country and dragging the people into a sub-tropical North Korea?

    Aug 30th, 2014 - 12:10 pm - Link - Report abuse 0
  • Conqueror

    @4. Tell you what. Here in the UK we'll pay enough so that we can have a pump price of US$0.50 (all taxes included). Interested?

    Aug 30th, 2014 - 02:32 pm - Link - Report abuse 0
  • MagnusMaster

    @4 “ In general, the average Venezuelan sees it as their 'birthright' to recieve 'free' gasoline. Any big price hikes would bring an end to public transport and transportation of goods and foodstuffs, 90% of which is imported and all moved by truck.”

    Same thing happens in Argentina, though the problem is with natural gas, not gasoline. Venezuela isn't really Qatar though, your oil is of a dreadful quality and can only be properly refined in the USA (and in a few years not even there) so you wouldn't be mega rich with or without Chavistas.

    Aug 30th, 2014 - 09:14 pm - Link - Report abuse 0
  • ilsen

    @5 ConQ
    Would love to be the go-between on that deal! Unfortunately for you I am not a corrupt ex-military, narco-trafficker with access to the Gov.
    Looks like the Chinese beat us to it!

    @6 MM. I agree. However, if (!) the regime had invested the massive spike in oil revenues in recent years in refineries, rather than squandering it on Cuba et al, or siphoning the money abroad, or useless projects internally, then maybe, the country would have seen successful outcomes.
    Currently the US is investigating the bank accounts and Miami property deals of the Boli-garchs.
    Meanwhile, at home;
    Health Secretary: Venezuelan Medical Care in Critical Condition
    A good, insightful, topical read from one who is entrenched in the chaos.
    ”The world has reported on the tiring shortages that persist in Venezuela, from toilet paper to toothpaste, or even products as basic as cooking oil, flour, milk, and chicken.
    The same is true with medicine. He says what is happening in Venezuela “wouldn’t even happen in Africa.”
    “In Caracas, it is more likely that a street vendor at the hospital entrance will be selling, for example, Vacomycin (an antibiotic), than the pharmacies or drug stores. Now we are also missing even the most basic medicine (antihypertensives, etc.).”
    According to Villasmil, many patients will just wait for a relative living in another country to send the medicine they need. “That’s how it is…” he laments.”
    I can personally vouch for the fact that the pharmacies are practically empty.

    Aug 30th, 2014 - 11:27 pm - Link - Report abuse 0
  • Conqueror

    @5. Come on, there must be a way. Drop a Post-It in the nearest Mad Urine suggestion box. Make him feel “useful”. Shoot him. Just a “minor” wound to start with. Nothing to incapacitate him. Through the (mostly bone) skull. Then on to more important parts. Knee-capping would be good. Elbows. Does he have a dick?

    Aug 31st, 2014 - 01:00 pm - Link - Report abuse 0

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