Venezuela May Slow Refining as Drought Hits Dams, Curim Says

(Bloomberg) — Venezuela, site of the biggest refinery complex in the Americas, may process less oil as a drought reduces power generation, said the chief executive officer of Curim Capital Advisors LLC.

Venezuela provides crude and heating oil to China National Petroleum Corp. to pay off an $8 billion loan. Most of the oil is shipped to Singapore and other Asian ports. China imported 68,000 barrels a day of Venezuelan heating oil in the three months ended Oct. 31, according to Chinese customs data.

A regional drought has lowered water levels at dams that provide 71 percent of the South American country