Venezuelan Pride Keeps Cheap Oil Flowing as Economy Collapses

Venezuela can’t feed its own population, or guarantee regular electricity supplies or even ensure medicines for hospitals, yet the fastest-shrinking economy in the Americas continues to send subsidized oil to the region’s fastest-growing economy.

The Dominican Republic imported 631,009 barrels from Venezuela in the first four months of the year, down 29 percent from the year earlier, but still its biggest source of oil after the U.S., according to Finance Ministry figures obtained under a freedom of information request. The Caribbean nation pays about half of the bill up front, financing the rest over 25 years at an annual interest rate of 1 percent.