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As Venezuelans Suffer, Maduro Buys Foreign Oil to Subsidize Cuba

Venezuela’s state-run oil firm PDVSA has bought nearly $440 million worth of foreign crude and shipped it directly to Cuba on friendly credit terms — and often at a loss, according to internal company documents reviewed by Reuters.

The shipments are the first documented instances of the OPEC nation buying crude to supply regional allies instead of selling them oil from its own vast reserves.

Venezuela made the discounted deliveries, which have not been previously reported, despite its dire need for foreign currency to bolster its collapsing economy and to import food and medicine amid widespread shortages.

The open-market oil purchases to subsidize …read more