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Venezuela's economy: oil leak.
Economic problems in Venezuela mean that there is an increasing risk that the Chavez government might default on its obligations in 2012, despite the country being the eighth largest oil producer. PDVSA, the state-owned oil firm, has been starved of investment and oil output has been cut from the 3.3 M bbl/day achieved in 1998 to about 2.25 M bbl/day. About 1 M bbl/day sold in Venezuela or to regional allies has subsidized …
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