OEF Rapid Review Articles
Venezuela’s economy is in slow collapse, accelerated by the fall in oil prices; oil service companies such as Schlumberger are cutting back activities because they are not being paid; and Russia has become the leading foreign oil investor. Russia is also the country’s key financier. Venezuela has pledged half the shares of its subsidiary Citgo – an important US refiner and fuel-retailer – as collateral for the loans from Russia’s Rosneft. If Venezuela were to default, the prospect of the Russian state firm owning American refineries would be political dynamite in Washington.
LINK TO THE SOURCE ARTICLE:
Rosneft Loans To Venezuela: Default Would Involve Citgo In U.S.
