Venezuelan President Hugo Chavez, who oversees the world’s largest oil reserves, is growing more dependent than ever on fuel imports from his political nemesis, the United States.
South America’s largest crude producer, which has more reserves than Saudi Arabia, bought about 40,000 barrels a day of products including gasoline, fuel additives and liquefied petroleum gas from the United States in the first four months of the year, up from a record 32,000 barrels a day in 2011, according to data from the U.S. Energy Information Administration.
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