Venezuela is Desperate and Considering Refining Foreign Oil

Reuters is reporting that Venezuela is considering, for the first time, refining foreign crude because it can't meet its obligations for Russia/China fuel contracts. It could process around 60,000 bpd at its biggest refinery. So it's answer to force majeure? not sure it will be enough. 

 

 

 

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Yep, and they have to cover these contracts because they are oil-for-loans. ConocoPhillips' seizure of some of PDVSA's assets hurt on this one. 

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i dont think this is new. Venezuela is importing foreign crude i think from the United States since long and gasoline too. Widely foreseen and expected in my belief. 

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