O socialismo chavista em acção

Venezuela buys Russian oil to avoid defaults###

Venezuela has been forced to turn to an outside source to avoid defaulting on contracts with "clients" and "third parties" as it faces a shortfall in production, according to a person familiar with the deal. Venezuela could incur penalties if it fails to meet its supply contracts.

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Under President Hugo Chávez, PDVSA's oil output has declined by about 60 per cent, a trend analysts say has accelerated in the past year because of poor technical management.

Mr Chávez's push to extend his influence throughout Latin America and the Caribbean with promises of cheap oil for friends and allies may be overstretching PDVSA's finances, however.

Venezuela currently supplies about 300,000 barrels per day of oil and products to Cuba, Nicaragua and others under favourable long-term financing arrangements.

This week, Venezuela signed a deal to send oil to town mayors in Nicaragua aligned with the leftwing Sandinista party.

Nicaragua asks Chavez to stop interfering

Nicaraguan Foreign Minister Norman Caldera has asked Venezuelan President Hugo Chavez to butt out of his country's political affairs after Chavez signed a favorable oil pact with dozens of leftist Nicaraguan mayors.

Peru and a Mexican presidential candidate also have recently accused Chavez of interfering in internal affairs.

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