Big Oil Nervous As Venezuela’s Maduro Seizes More Power

19 Aug 2017   Venezuela

The pro-government constitutional assembly loyal to Venezuelan President Nicolas Maduro seized the powers of the opposition-led congress today, in a move that necessarily has Big Oil nervous that Trump will make good on his economic sanctions threat. Maduro’s bold political move on Friday means further intensifies the dramatic decline of democracy that led Trump last week to threaten economic sanctions that could remove Venezuelan oil from the U.S. refining market. It also comes right after Trump indicated that a ‘military option’ was not off the table. The government has accused opposition leaders of conspiring with Washington to overthrow Maduro. As Venezuela disintegrates politically and economically, big oil is stepping in to urge Washington to refrain from resorting to economic sanctions against the country, the third-largest supplier to the U.S. U.S. energy giants rely heavily on trade with Venezuela—home to the world’s largest oil reserves—and the Trump administration’s move last […]

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