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The tyranny of the heir to iconic late president Hugo Chavez has shown that he can survive without the “devil’s excrement”, sustained instead by opaque revenue streams that always seem a step ahead of US sanctions.
A sweeping proposal to draw investment into an Opec nation would normally turn some heads. That is what Venezuela’s US-backed political opposition had been expecting when it rolled out the final draft of a comprehensive hydrocarbons reform bill last week.
US sanctions on major oil exporting country Venezuela are having profound effects on the global oil trade, prompting US refiners to seek alternative crude supply and shifting Venezuelan crude flows more toward Asia.