News articles on Black Market Activities

Venezuela faces losses from Gas Smuggling

Venezuela is attempting to curb losses from its citizens smuggling oil out of the country. 

From Reuters: 

Oil-producer Venezuela is awash in revenues from record high prices but is struggling to contain the lucrative business of smuggling subsidized fuel — the cheapest in the world.

The OPEC nation says it loses 27,000 barrels per day and $1 billion per year to traffickers ranging from small-time peddlers like Rueda to large-scale smuggling involving corrupt border officials and fuel distributors.

The business is even rife along Venezuela’s coast where smugglers load gasoline onto small launches or even commercial fishing vessels to sell it on the high seas.

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Date
May 23rd, 2008

Author
havocscope


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