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Tuesday, September 27, 2016

Chavez Looks to Expand Venezuelan Oil Exports

November 21, 2005

The President of Venezuela, Hugo Chavez, wants Venezuela oil tankers going to places other than the US, according to a VHeadline report. Although the US is the No. 1 buyer of Venezuela oil, Chavez prefers to earn greater political power by selling oil at a discount to Caribbean and South American countries than at a premium to the US. Additionally, Chavez just increased the government's take of royalties on oil profits from 1% to 30% and increased the tax rate from 34% to 50%. As a result, any non-Venezuelan company is now required to turn over more than 75% of its profits to the Venezuelan government and an increasing amount of Venezuelan oil production is government controlled, according to the report. At 9 million barrels of oil a day, Russia is a similarly important but highly volatile oil resource. Russia almost rivals Saudi Arabia as the world's No. 1 producer of oil. Source: VHeadline


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