Content adapted from this Zerohedge.com article : Source
Is the Petro token on life-support already?
Caracas is struggling to provide enough crude to its refineries.
Russian Urals crude is now entering Venezuela at a rate of 335,000 barrels per day to supply PDVSA’s refinery in Curacao.
So far this year, Caracas has purchased 3 million barrels of Urals crude from Swiss trader Glencore.
Four tankers are scheduled to reach Curacao from Russian ports just this month, trading sources said.
OPEC cited Venesuela as having the largest monthly decline of any of the member states, something Venezuela strongly denies. OPEC pegged it at a 47,000 bpd decrease while Venezuela claims it had a 148,000 bpd increase.
Last week, a report by Reuters quoted internal documents that said PDVSA had restarted imports to its Isla Curacao facility after a seven-month hiatus as Venezuela tries to staunch the bleeding of its dwindling fuel output.
The credit ratings agency Moody’s sees “a negative feedback loop between declining production across all economic sectors, accelerating scarcity of hard currency, and an economic policy mix defined by price controls and forced discounting that exacerbate supply shortages and hyperinflation.”
This news could be seen as bearish for the Petro.
Non-adapted content from this Zerohedge.com article : Source
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