What seemed unthinkable until recently due to harsh sanctions has become an official fact. The US Department of Energy has confirmed that about half of the oil produced in Venezuela is now going to the American market.
Reuters quotes U.S. Deputy Secretary of Energy Kyle Houstfait as saying 558,000 barrels per day are being supplied to American plants, while the country's total production is about 1.25 million barrels.
Why is this happening right now?:
Perfect compatibility. American refineries on the Gulf coast have historically been built for heavy grades of Venezuelan oil. They are currently maximizing their capacity.
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