US Refineries Now Receive Over 500,000 Barrels Daily of Venezuelan Crude

A senior US energy official says Venezuela is exporting more than 500,000 barrels of crude oil per day to the United States. The volume represents a major share of Venezuela's estimated daily output of 1.25 million barrels. The official said the shipments are going to US refineries designed to process Venezuela's heavy crude. Venezuela has the world's largest proven oil reserves, but its production has been constrained for years by underinvestment and sanctions. I find the development troubling, especially given the reported change in government in Caracas. What should this arrangement be called: economic cooperation, resource control, or exploitation?

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