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Despite having the greatest oil reserves in the world, Venezuela’s government is being forced to spend millions of dollars a day importing crude to prop up its ailing industry. Petrol remains the only cheap commodity left in Venezuela amid the collapse of most of its economy, but the oil industry is now also struggling to meet basic domestic demands. Experts say the industry is operating below 40 per cent of its potential output. Last month, the International Energy Agency reported that Venezuela is and will probably remain "the biggest risk factor" in a global supply crisis that may soon tip the market into deficit. The speed of decline in production has been vertiginous, with output fal... Full story

16 April