Venezuela Imports Oil Despite Having Largest Reserves
From Miami Herald
Venezuela, a country that boasts of having the largest oil reserves in the world, is facing an acute scarcity of gasoline due to deterioration of its refinery system, and the huge volume of fuel being smuggled out of the country.
Experts said that Venezuela has shifted from exporter to importer of gasoline under the Hugo Ch’avez administration, which is forced to import fuel and components to process it from the United States, not only for internal consumption but to allow the state enterprise Petr’oleos de Venezuela, S.A. (PDVSA) to fulfill contractual commitments.
