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Indeed, oil production is slipping and Venezuela has struggled

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Venezuela’s crude imports show PDVSA picks pragmatism over politics

CARACAS/HOUSTON (Reuters) It sounds embarrassing: Venezuela, an OPEC nation with the canada goose coats on sale world largest oil reserves, is for the first time in canada goose uk outlet its history Canada Goose Parka importing crude.

The PDVSA logi is seen at its gas station in Caracas August 29, 2014. REUTERS/Carlos cheap Canada Goose Garcia Rawlins

Canada Goose Outlet Immediately, political opponents in the polarized country labeled the news another depressing symbol of the canada goose uk shop socialist government oil management. Indeed, oil production is slipping and Venezuela has struggled to invest enough to reverse the trend. Commercial pragmatism may start to compete more with political considerations, especially as oil prices slide, they say. Canada Goose Outlet

The imported lighter crude will be used to dilute the nation increasingly heavy crude output in order to create buy canada goose jacket cheap a Canada Goose Online blended variety that is more palatable for global refiners. It is some $30 a barrel cheaper than the imported naphtha that PDVSA has been buying to use as until now, the company said in a statement last week confirming the purchases.

Canada Goose online seeking to improve their finances, which is the most canada goose important step to then improving technical aspects, said Jose Zabala, the director of the institute of petroleum investigations at the University of Zulia in Western Venezuela. Canada Goose online

buy canada goose jacket government is realizing we in canadian goose jacket a serious economic problem and it getting even more complicated as oil prices fall. Del Pino is more of an oil executive than a politician. buy canada goose jacket

canadian goose jacket Many Venezuelans deem cheap gasoline and plentiful oil a canada goose clearance birthright and were shocked by Reuters revelation in August that the country was set to import crude. canadian goose jacket

canada goose black friday sale But the political constraints that have long prevented PDVSA from tapping cheaper overseas crude are yielding to more urgent financial necessity. Other big Latin American producers canada goose uk black friday face similar scenarios, with Mexico preparing itself for its cheap canada goose uk first ever imports and Argentina stepping canada goose parka mens up purchases. Brazil has long imported some crudes and exported others. canada goose black friday sale

buy canada goose jacket cheap PDVSA says of the socialist government have unfairly canada goose black friday sale lashed out at the imports for political gain. buy canada goose jacket cheap

canada goose clearance sale On Wednesday, President Nicolas Maduro, speaking on live television, criticized Reuters for seeking to Venezuela. canada goose clearance sale

cheap Canada Goose Venezuela has in the past imported Nigerian condensates, but halted the purchases by the time the last upgrader was inaugurated in 2000. cheap Canada Goose

canada goose deals Using light crudes instead of the more expensive refined petroleum product naphtha to blend with the extra heavy crude from the Orinoco belt, Venezuela main producing region, will produce a higher quality crude for refining a crucial factor that should increase the value of PDVSA exports amid slipping oil prices. canada goose deals

canada goose store the partners in the Orinoco belt had complained about the costly naphtha purchases, said a source linked to the Orinoco projects. happy with the solution of importing crude. canada goose store

Canada Goose Jackets Del Pino, who was last month tapped to replace long standing PDVSA boss and oil minister Rafael Ramirez, appears to be implementing cautious, business friendly reforms, though it Canada Goose Coats On Sale remains to be seen if he has a mandate for a significant overhaul of the behemoth company, the financial motor of Venezuela popular social projects. Canada Goose Jackets

Canada Goose Parka Recently, PDVSA has taken steps to improve its Canada Goose sale cash flow position, via bond repurchases, access to more advantageous exchange rates and loan flexibilizations. Canada Goose Parka

canada goose coats on sale PDVSA, which failed to respond to phone canada goose clearance sale calls and emails, buy canada goose jacket has not specified the imports timeline, scope or impact on finances. canada goose coats on sale

canada goose coats Experts, however, expect the trend to pick up as reserves of lighter crudes has dropped 10 percent in canada goose store the last decade as PDVSA has not been focused on mature fields. Light and medium crude output has slumped 37.5 percent since 2004 to 1.1 million bpd last year, while production of heavier crudes grew more than 60 percent. canada goose coats

Canada Goose sale obviously a clear sign that the mix is moving to heavier crudes and that they canada goose factory sale going to have to Canada Goose Jackets rely increasingly on imports to mix especially with the upgraders not happening, said Risa Grais Targow, an analyst with Eurasia. Canada Goose sale

canada goose clearance While importing uk canada goose light crudes may be a sensible decision currently, canada goose coats experts also say it could have been avoided with stronger investment, wiser management decisions Canada Goose Outlet and more efficient project uk canada goose outlet development. canada goose clearance

canada goose the last 10 years, PDVSA has neglected the Canada Goose online development of its light and medium crude reserves, said the Center for Energy Orientation in Venezuela (COENER), a group that frequently criticizes the government oil management canada goose.

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