Venezuela jet fuel exports surge after airlines pull out

Cash-strapped Venezuela is tapping US and European air passengers to help pay its debts, even as airlines cut routes to the country. Exports of jet fuel to the US and Europe more than doubled in April from March, data from the US Energy Information Administration and Eurostat, the EU’s statistical agency, show. That may provide some relief to state oil company Petroleos de Venezuela, which has US$3.2b in interest payments and principal maturities due this year. Jet-fuel shipments are rising because domestic demand for air travel is falling, said a London-based director of crude oil and refined products at Resource Economist. Hyperinflation has made flights prohibitively expensive for Venezuelans, and protests that have left almost 100 dead are keeping foreigners away. <br/>