Venezuela Braces for Double Whammy If U.S. Imposes Oil Sanctions

9 May 2017   Prices, Venezuela

U.S. raises prospect of sanctions after Maduro’s move Loss of major trade route would raise prices for both Venezuela would be hit from two directions if the U.S. were ever to impose oil-related sanctions against the South American nation where at least 30 have died in anti-government protests in the past month. American drivers may pay more at the pump as well. Speculation about possible new U.S. sanctions has increased because of President Nicolas Maduro’s announced plan to rewrite the constitution. America is the biggest buyer of Venezuelan crude, and Citgo Petroleum Corp., the U.S.-based refiner controlled by Petroleos de Venezuela SA, takes the largest share of those imports, according to analysis of U.S. government data compiled by Bloomberg. If Citgo can’t buy from its parent company because of sanctions, it would be forced to pay more on the spot market, said Mara Roberts, a New York-based analyst for […]

Comments are closed.