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What Does Chavez’s Death Mean for Oil Markets?
Energy Policy Information Center: Venezuela is home to the world’s largest proven oil reserves (albeit largely “extra-heavy” oil, a hydrocarbon resource which is expensive and energy intensive to extract) and is the fourth largest supplier of foreign oil to the United States, after Canada, Mexico, and Saudi Arabia. Its vast resources have made Venezuela a major player in OPEC, giving the government a powerful voice in determining Cartel supply policies, which have a tremendous impact on global oil supply and price. Additionally, Petroleos de Venezuela (PDVSA), the state-owned oil and natural gas company, affords Caracas complete control over the nation’s oil industry.
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