Financial Times reports Venezuela oil deal with Russia

April 28, 2006

And the beat goes on at the revolution as reported in today’s Financial
times (Of course, everything is fine at PDVSA and oil production is
booming according to the Government):

Venezuela buys Russian oil to avoid defaults

Venezuela, the world’s fifth-largest oil exporter, has struck a $2bn
deal to buy about 100,000 barrels a day of crude oil from Russia until
the end of the year.

Venezuela has been forced to turn to an outside source to avoid
defaulting on contracts with “clients” and “third parties” as it faces a
shortfall in production, according to a person familiar with the deal.
Venezuela could incur penalties if it fails to meet its supply
contracts.

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