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Venezuela’s Oil Production Is Collapsing
Wall Street Journal ^ | January 18, 2018 | Anatoly Kurmanaev and Kejal Vyas

Posted on 01/18/2018 6:39:06 AM PST by C19fan

Venezuela’s oil output is collapsing, making it unlikely the South American country can benefit from rising global prices for oil and increasing the chances of a debt default this year that could turn its economic crisis into a humanitarian disaster.

(Excerpt) Read more at wsj.com ...


TOPICS: Business/Economy; Crime/Corruption
KEYWORDS: socialism; venezuela
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To: Red Badger

I read here in FR a few weeks ago something about them adding a lot of water to their oil shipments which was creating problems (duh) when it reached the refineries in China and the Chinese were none too happy about it


21 posted on 01/18/2018 7:25:34 AM PST by shotgun
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To: robroys woman

Stifle all initiative, yeah, THAT’S the ticket!

Cuba once had a large and relatively efficient crude oil refining capability. Don’t much hear about that any more. Originally a joint venture between Venezuela and Cuba, a Russian-built refinery in the Caribbean has fallen largely into disuse, since Venezuela cannot provide the necessary flow of crude, which is only partially supplemented by shipments from Russia and Algeria.

There was also a large refinery within Cuba, built back in the days of Batista, which was nationalized when Castro took over in 1959, and for which no compensation was ever paid, but it has fallen into a moldering pile of rust.


22 posted on 01/18/2018 7:30:17 AM PST by alloysteel (Sometimes I have to tell myself, it just isn't worth the jail time.)
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To: meatloaf

Heavy sour Canadian has been pumped to US refineries since 1948.


23 posted on 01/18/2018 7:33:38 AM PST by Eric in the Ozarks (Baseball players, gangsters and musicians are remembered. But journalists are forgotten.)
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To: spokeshave

Molton sulfur is generally shipped in special tank cars.
The Pine Bend refinery south of St. Paul receives Canadian heavy crude by pipeline every day.


24 posted on 01/18/2018 7:37:40 AM PST by Eric in the Ozarks (Baseball players, gangsters and musicians are remembered. But journalists are forgotten.)
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To: shotgun

Steam explosions happen!...................


25 posted on 01/18/2018 7:39:27 AM PST by Red Badger (Wanna surprise? Google your own name. Wanna have fun? Google your friends names......)
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To: spokeshave

Sulfur has it’s industrial uses, but it is acommon element. It can even be found in its raw form, on the ground, that’s where ‘Yellowstone’ gets its name................


26 posted on 01/18/2018 7:42:19 AM PST by Red Badger (Wanna surprise? Google your own name. Wanna have fun? Google your friends names......)
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To: ImJustAnotherOkie
Who was president when that happened?

Occidental Petroleum bought Cities Service in 1982, and CITGO was incorporated as a wholly owned refining, marketing and transportation subsidiary in the spring of the following year. Then, in August, 1983, CITGO was sold to The Southland Corporation to provide an assured supply of gasoline to Southland’s 7-Eleven convenience store chain.

In September, 1986, Southland sold a 50 percent interest in CITGO to Petróleos de Venezuela, S.A., (PDVSA), the national oil company of the Bolivarian Republic of Venezuela. PDVSA acquired the remaining half of CITGO in January, 1990 and the company is owned by CITGO Holding, Inc., an indirect, wholly owned subsidiary. With a secure and ample supply of crude oil, CITGO quickly became a major force in the energy arena.

Since 1985, CITGO has sold its various products through independent marketers. Our relationship with these individuals is really what makes CITGO different from other petroleum companies.

After a nominal search on G**gle I found that Southland Corp sold CITGO to PDVSA in 1986 and the rest in 1990 (cited above).

Any linkies to the theft of CITGO after the sale? Or did Chaves simply nationalize Conoco properties in VZ, like so many other dictators have done around the world?

27 posted on 01/18/2018 7:49:25 AM PST by texas booster (Join FreeRepublic's Folding@Home team (Team # 36120) Cure Alzheimer's!)
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To: Red Badger
Que Quien es Juan Galto?............................
28 posted on 01/18/2018 7:52:17 AM PST by dsrtsage (For Leftists, World History starts every day at breakfast)
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To: C19fan

The Venezuelans voted themselves into the toilet.....twice.


29 posted on 01/18/2018 7:55:05 AM PST by blueunicorn6 ("A crack shot and a good dancer")
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To: dsrtsage

I was close.................My HS Spanish is 45 years old!...................


30 posted on 01/18/2018 7:55:33 AM PST by Red Badger (Wanna surprise? Google your own name. Wanna have fun? Google your friends names......)
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To: C19fan

They’re already eating zoo animals and slaughtering cows in farmers’ fields. I’d say they’re well into the humanitarian crisis phase.


31 posted on 01/18/2018 8:00:54 AM PST by Norseman (Defund the Left....completely!)
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To: spokeshave

The Citgo Lake Charles refinery was built to handle Venezuelan crude.

http://abarrelfull.wikidot.com/citgo-lake-charles-refinery


32 posted on 01/18/2018 8:06:23 AM PST by abb ("News reporting is too important to be left to the journalists." Walter Abbott (1950 -))
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To: robroys woman

“The only thing they have going for them is that there aren’t a lot of muslims there, or their goose would really be cooked.”

Actually, in addition to the Cuban security forces, there’s a large contingent of Iranian security forces, many of whom now have Venezuelan passports, according to reputable reports, including the WSJ’s Mary O’Grady.


33 posted on 01/18/2018 8:07:11 AM PST by VanShuyten ("...that all the donkeys were dead. I know nothing as to the fate of the less valuable animals.")
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To: texas booster

COP held a bunch of CITGO bonds when they were nationalized. In the billions.


34 posted on 01/18/2018 8:20:54 AM PST by ImJustAnotherOkie
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To: Red Badger

Quien es


35 posted on 01/18/2018 8:47:55 AM PST by conejo99
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To: ImJustAnotherOkie
Thanks. Stealing bonds is the same as stealing cash.

Just ask any GM bond holders ... scratch that, the feds said that it was OK, so that makes it all better.

Not.

36 posted on 01/18/2018 9:04:43 AM PST by texas booster (Join FreeRepublic's Folding@Home team (Team # 36120) Cure Alzheimer's!)
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To: Red Badger
Que[sic] es Juan Galto?............................

I believe that should be Quien.

"Who" rather than "What".

Si?

37 posted on 01/18/2018 9:22:52 AM PST by doc11355
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To: doc11355

Si....................es muy mal espanol..............


38 posted on 01/18/2018 9:26:11 AM PST by Red Badger (Wanna surprise? Google your own name. Wanna have fun? Google your friends names......)
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To: Red Badger
Tom Thumb/Swifty Serve/ Jr. Foods stores, sells CITGO gas. I will not buy their gas........

We have Grocery Boy Jr. here, Citgo gas.
Never buy it.

39 posted on 01/18/2018 10:08:39 AM PST by Vinnie
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To: abb

I think there’s a big refinery on Aruba that refines VZ oil.


40 posted on 01/18/2018 10:12:50 AM PST by Vinnie
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