Venezuela’s Regional Oil Diplomacy Cools as Crisis Looms Large

  • OPEC member reduces exports of subsidized crude to Petrocaribe
  • Shipments to China and India rise despite falling output

Plagued by triple-digit inflation, political turmoil and a recession, OPEC member Venezuela has scaled back an 11-year program that allows its allies in the Caribbean and Central America to buy its oil at subsidized prices.

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