Venezuela Oil Output May Go All the Way to Zero Venezuela is offering oil at the biggest discounts in seven years as the third-largest supplier to U.S. refineries fights to defend its market share from Canadian and Middle Eastern grades. The basket of Venezuelan oil is now more than $12 a barrel cheaper than the benchmark West Texas Intermediate and has averaged a discount of $8.44 this year. The average was $3.73 in 2014 and $3.78 in 2015. The OPEC member has been reducing prices even as domestic production slows. Output […]