US sanctions on Venezuela’s national oil company PdV, first imposed on 28 January 2019, cast another layer of geopolitical uncertainty onto the international oil market. The sanctions take effect in stages, gradually intensifying their impact on the Opec country’s imports and exports. For internat...
Oil sanctions are one of the few options President Trump has to really hurt Maduro. Venezuelan production has been falling fast since 2014, but the country still pumped 1.7 million barrels a day in December, according to industry estimates. Exports to the U.S. averaged more than 600,000 ...
THE looming possibility of the US reinstating sanctions against Venezuela is bolstering the prices of Colombian oil of similar quality, Bloomberg reported on February 26. Heavy sour Castilla crude oil scheduled for April delivery is reportedly being offered at a discount of approximately $9 per ...
Venezuela is a major supplier of heavy oil, which is largely used to produce distillates like diesel and jet fuel. PDVSA relies on imports of super light oil to dilute its heavy crude before its shipped out. The U.S. sanctions will place limits on selling oil products, Mnuchin said, but ...
But the drop might also signal that PDVSA is having trouble buying crude, Smith warned. PDVSA could not immediately be reached for comment. To be sure, there are signs of financial stress throughout the country's oil industry.U.S. sanctionsalso appear to be making it difficult for Venezuela...
Easing US sanctions on Venezuela is driving increased activity and interest in key sectors such as oil and gas production and shipping
Oil prices fell on Tuesday after news of the US easing oil sanctions against Venezuela spread. The West Texas Intermediate for June delivery lost $1.8, or 1.6 percent, to settle at $112.40 a barrel on the New York Mercantile Exchange. Brent crude for July delivery decreased $2.31, or 2 pe...
Overview of Sanctions Action On April 17, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) released General License (GL) 44A, requiring the wind down of business transactions with Venezuela’s state-owned energy company Petróleos de Venezuela, S.A. (PdVSA). The mov...
Venezuela has sought alternative buyers of crude oil previously destined for the United States and alternative suppliers of petroleum products previously sourced from U.S. exporters. Although U.S. economic sanctions do not explicitly prohibit non-U.S. entities from trading oil and petroleum products ...
Reinstating oil and gas sanctions could cause substantial damage to Venezuelan exports which are largely dependent on oil, analysts have said. It also has the potential to impact the US domestic gas market because several US companies, including Chevron, operate in Venezuela and...