February 3, 2016

COMIC (BLACK) GOLD:

Oil-rich Venezuela is now importing U.S. oil (Patrick Gillespie, 2/03/16, CNNMoney)

The fact that Venezuela is importing American oil is raising eyebrows because Venezuela has 298 billion barrels of proven oil reserves, according to the Energy Information Administration. That's more than Saudi Arabia, Russia or Iran and eight times the reserves of the United States.

But the oil extracted in Venezuela is very heavy and hard to refine and then sell to other countries. Venezuela needs to first mix its heavy oil with lighter types of crude to balance out the quality, according to Nilofar Saidi, an oil market analyst at ClipperData.

Posted by at February 3, 2016 3:48 PM

  

« IT'S A TRADE DEAL: | Main | CARE AND FEEDING OF THE WAHOOS: »