They are importing barrels that cost $80 to $90 and selling them at $0.

[CMOP + 227]

Venezuela’s government is being forced to spend millions of dollars a day importing crude to prop up its ailing industry. Experts say the industry is operating below 40 per cent of its potential output. Last month, the International Energy Agency reported that Venezuela is and will probably remain "the biggest risk factor" in a global supply crisis that may soon tip the market into deficit.

The speed of decline in production has been vertiginous, with output falling by 100 thousand barrels a day in February. The IMF expects the Venezuelan economy to shrink by 15 per cent in 2018, and the country is facing the worst decline of GDP in recorded history in Latin America.

Oil makes up more than 90 per cent of the nation’s exports, but a combination of government corruption, lack of investment and the migration of qualified staff have left the industry in ruins. 

One of the craziest things is that a part of Venezuela's imports is for the domestic market, but given its price, they practically give gasoline away for free. 

[Marina Schwarz + 1,576]

High time to diversify but with what money...

[TomTom + 183]

from the text it doesn't really become clear how they buy oil at $80/90? Can you explain this?

[CMOP + 227]

They have to import for two reasons. One is the collapse of the refining infrastructure and the other is that its oil is naturally heavy so they need to import diluents to blend with their oil to re-export it. They are importing gas to pay off their debt to Russian and China - however still meeting their domestic needs of 450k barrels per day. Hence, the 80-90$ / barrel selling it next to nothing. @TomTom