Economics
Venezuela’s Importing the Most Fuel Since U.S. Sanctions Started
- Fuel shipments are key to maintaining Maduro’s hold on power
- PDVSA has found new suppliers after the U.S. cut off ties
An employee refuels a vehicle at a Petroleos de Venezuela SA (PDVSA) gas station in Caracas, Venezuela.
Photographer: Carlos Becerra/BloombergThis article is for subscribers only.
Venezuela is importing fuel at a rate not seen since the U.S. imposed crippling sanctions on the country and cut off its main supply of foreign gasoline.
Fuel imports, which are key to President Nicolas Maduro’s grip on power in Venezuela, more than doubled in July from the previous month, according to shipping reports and ship-tracking data compiled by Bloomberg. Maintaining that supply of heavily subsidized gasoline is central to keeping a lid on discontent in the nation, already suffering from inflation, food shortages and a widespread humanitarian crisis.