Venezuela may have to import crude oil, I kid you not:
Venezuela is pondering the possibility of importing crude oil for the first time ever and could use light oil from its partner in the Organization of Petroleum Exporting Countries (OPEC), Algeria, to dilute its own heavy crude, according to a document of state-run oil giant Petróleos de Venezuela (Pdvsa) obtained by Reuters on Wednesday.
Despite holding the largest oil reserves in the world, in recent years Pdvsa has been buying increasing amounts of heavy naphtha for blending with heavy crude from the Orinoco Oil Belt, the largest oil producing region in the country.
These blends are made to convert extra-heavy oil into an exportable product. Local production of medium and light crude oils previously used as diluents has declined and the construction of new oil upgraders is lagging behind.
Begin the excuse-mongering in five… four… three…