Venezuela cuts export
BOGOTA: Venezuela’s state oil company is temporarily halting gas exports across the border to Colombia, citing climate factors and the need to generate electricity, the Colombian Mining Ministry reported on Friday. The ministry said that PDVSA notified it that supplies would be suspended as of Friday because of ‘the behaviour of electrical energy generation due to climatic variability’. A drought has been affecting the region, though it did not specifically mention that. An agreement between the two countries calls for Venezuela to send 39 million cubic feet of gas per day to Colombia, about three per cent of Colombia’s supply. The US Energy Information Administration (EIA) says that while Venezuela has enormous natural gas reserves, second only to those of the United States in the Americas, it’s been consuming more than it produces in recent years and has been trying to upgrade its infrastructure.