August 8, 2018

SNEAKY COMMIES: Venezuela dodges oil asset seizures with export transfers at sea.

Venezuela’s state-run oil company PDVSA has limited the damage from an unprecedented slump in crude exports by transferring oil between tankers at sea and loading vessels in neighboring Cuba to avoid asset seizures.

Venezuela has been pumping oil this year at the lowest rate in three decades after years of underinvestment and a mass exodus of workers. The state-run firm’s collapse has left the country short of cash to fund its embattled socialist government and triggered an economic crisis.

I’m pretty sure it was the socialist government’s battle against free markets which triggered the economic crisis.

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