Venezuelans are having their fuel rationed with the rationing overseen by the military, Reuters reported on Sunday as fuel shortages begin to bite deeper. As local crude oil production continues to fallw and refineries operate much below capacity and as the flow of diluents necessary to produce fuels from Venezuelan superheavy dries up, fuel shortages were a crisis waiting to happen. Last week, PDVSA documents and shipping data from Reuters showed that imports of fuel and diluents that are necessary to make Venezuela’s extra heavy refinable into fuels have since the start of the month dropped to 86,000 bpd from 225,000 bpd for April as U.S. sanctions bit deeper. At the same time, according to another PDVSA document cited by S&P Global Platts, crude oil production in the Orinoco Belt has fallen by as much as 77 percent to 169,800 bpd since the start of May. An additional event […]