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Venezuela: The Failure of an Oil Country in Diversifying its Economy and Reducing its External Vulnerability
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Tulsa, Oklahoma, strong in gasoline, asphalt, diesel y lubricants, owner of refineries,
terminals and poliducts.
Despite the current political distancing, it can not be said that trade relations between
Venezuela and the US have altered substantially, because US remains the main trading
partner of Venezuela, but there is a reduction in the oil supplies. Indeed, oil exports in 2008
averaged 1.2 M b/d, against 1.5 M b/d in the past decade, equivalent to 50% of the national
production. The risk of a suspension of exports to the US is low, since both countries are
natural markets and because the shipments to China generate a lower return for Venezuela
because of the geographical distance,
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, and the slow and costly adequacy of the refineries
in that country to the diet of Venezuelan oils.
Espinasa (2008), states that total oil exports from Venezuela decline faster than those led to
the US, as shown in Chart No. 3:
CHART No. 3
37
The trip of Venezuela to China takes approximately 28 days, against 4 or 5 days the east coast of the USA. Also, it is
necessary to cross the Canal of Panama, and that is why future options to access across Colombian ports are analyzed.
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Tulsa, Oklahoma, strong in gasoline, asphalt, diesel y lubricants, owner of refineries,
terminals and poliducts.
Despite the current political distancing, it can not be said that trade relations between
Venezuela and the US have altered substantially, because US remains the main trading
partner of Venezuela, but there is a reduction in the oil supplies. Indeed, oil exports in 2008
averaged 1.2 M b/d, against 1.5 M b/d in the past decade, equivalent to 50% of the national
production. The risk of a suspension of exports to the US is low, since both countries are
natural markets and because the shipments to China generate a lower return for Venezuela
because of the geographical distance,
, and the slow and costly adequacy of the refineries
in that country to the diet of Venezuelan oils.
Espinasa (2008), states that total oil exports from Venezuela decline faster than those led to
the US, as shown in Chart No. 3:
CHART No. 3
37
The trip of Venezuela to China takes approximately 28 days, against 4 or 5 days the east coast of the USA. Also, it is
necessary to cross the Canal of Panama, and that is why future options to access across Colombian ports are analyzed.
16
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