Venezuela’s State-Run Refiner Sees Profit Tumble 81%

Venezuela’s state-owned refiner Citgo Petroleum’s net profits fell 81% in the fourth quarter of 2023, according to its most recent regulatory filing on Thursday. The state-run refinery, which operates three refineries in the United States, saw its net profits plunge to $1.54 million for the fourth quarter, down from $806 million in the fourth quarter of the previous year. The dip in profits was largely attributed to refinery outages and weaker margins—with its crude utilization rate falling to 89% in Q4. Its Q3 2023 utilization…