Posted on 02/07/2016 6:36:37 PM PST by doldrumsforgop
Venezuela has more oil than any other country on the planet.
But it just bought a bunch of American crude.
A ship carrying half a million barrels of oil that was pumped in the U.S. docked at a terminal owned by Venezuela last week, according to oil data research firm ClipperData. The shipment was sent to a facility located on the Dutch island of Curacao in the Caribbean.
The fact that Venezuela is importing American oil is raising eyebrows because Venezuela has 298 billion barrels of proven oil reserves, according to the Energy Information Administration. That's more than Saudi Arabia, Russia or Iran and eight times the reserves of the United States.
But the oil extracted in Venezuela is very heavy and hard to refine and then sell to other countries. Venezuela needs to first mix its heavy oil with lighter types of crude to balance out the quality, according to Nilofar Saidi, an oil market analyst at ClipperData.
Saidi said Venezuela had already been importing lighter types of crude oil from Russia, Angola and Nigeria.
"It's just cheaper to bring a tanker of light crude from the U.S. Gulf than to ship it from West Africa or North Africa," says Nilofar Saidi, an oil market analyst at ClipperData.
(Excerpt) Read more at money.cnn.com ...
Low oil prices are a boon to America if it can defeat its enemies this way.
wow
How are they paying for it? If they are so broke....
We’re not going to defeat our enemies by using up our own oil while their’s sits in the ground waiting for another day.
We should nationalize Citgo.
Venezuela has always had to import light, sweet crude to mix with its high sulfur thick oil.
Now that the US is allowed to export oil again, shipping costs are much cheaper for VZ.
Where is that Simpson’s “ha-ha” guy?
likely exchanging.
US refineries are designed to handle the heavy crude.
Next thing you know, Italy will be buying pizza from us.
Russia will be buying vodka.
who knows where it will end :)
That’s just it. Shouldn’t Venezuela’s refineries be designed to handle heavy crude?
The US gov't (taxpayers) prolly loans them the money.
that’s a false notion.
Everyone who has predicted the demise of oil volumes has always been wrong.
God endowed this earth with oil for man to use. The newest technologies of horizontal drilling and stage fraccing has opened up vast quantities in heretofore unknown horizons.
The end is way, way down the line, even after a 100 years of producing in US.
might better call that sludge they have RUDE oil instead of crude oil
Scripture also says that the Earth will wax old like a garment.
I’m a lot more comfortable using our own than I am selling our own. I think it was a huge mistake to lift the ban on exports.
one would think, but the heavy crude is not what the country of Venezuela started. It was light, sweet crude that was initially produced. The heavy crudes is what most of the oil in the country has, and they now have resorted to tapping it.
The wise men of this country 25-30 years ago thought it would also happen here in this country, and reconfigured many of the refineries toward utilizing heavy crude. We wound up not need to as most of our crude remains not heavy.
Our oil companies nearing bankruptcy might disagree with you.
If the Marxists took over the Sahara, they would soon be importing sand.
did you read my post 9?
We are most likely exchanging oil, so not really selling anything.
And that is the issue: Just because you are exporting does not mean one is selling it.
Most people think like you do and believe it is simply sold.
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