In this file photo, Venezuela's President Nicolas Maduro talks to the media during a news conference at Miraflores Palace in Caracas, Venezuela, June 22, 2017. REUTERS/Marco Bello
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CARACAS: After decades of being Venezuela's cash cow, the state oil company PDVSA is a ragged shadow of its former self: overburdened, underfed and in hock to Russian and Chinese creditors.The woes of the group, whose full name is Petroleos de Venezuela S.A., look set to worsen because of U.S. sanctions imposed last month restricting its access to credit.Venezuela faces additional problems in the form of U.S. sanctions.The storm late last month ripped through a part of the United States that is home to a third of American refining capacity – some of it geared to handling Venezuelan crude oil.Venezuela sits atop the world's biggest proven oil reserves.A third of PDVSA's output of 1.9 million barrels per day goes to America.According to PDVSA's latest annual report, the average 2016 price of a barrel of Venezuelan crude was $35.15 .
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