We continue to look at what impact US tight oil has on global oil markets, in this post the reduction of US petroleum product imports. This analysis shows that only around one quarter of a drop of 1.7 mb/d since 2005/06 can be explained by the tight oil boom.
They include a $4bn credit line in return for Venezuelan crude and other products.
Venezuela is suffering from plummeting oil prices, runaway inflation and shortages of basic foodstuffs, but it now has at least one lifeline: a $20 billion investment package from China, announced by Venezuelan President Nicolas Maduro this week. But with Venezuela facing a recession, inflation over 60 percent and widespread predictions of a default on its debt this year, some analysts say it’s hard to pinpoint China’s incentive for handing over the funds.