Venezuela Heavy on Crude

Lately in the political arena, a great deal of discussion has surrounded the oil exporting country of Venezuela. Its President, Hugo Chavez, seems to be one of those figures whose words powerfully influence oil price volatility. In the past few weeks, industry and political experts have indicated that Venezuela may significantly reduce oil exports to the U.S. While much of this is still speculation, it is interesting to examine this hypothetical scenario with regards to the tanker market.