Oil Tycoon Pushes For Venezuela Sanctions

15 Aug 2017   Venezuela

The U.S. has stepped up sanctions against Venezuelan individuals in the wake of the July vote in Venezuela aimed at rewriting the constitution, which is further eroding democracy in the country with the world’s largest proved oil reserves. Further sanctions— namely against Venezuela’s oil industry by imposing a ban on U.S. imports of Venezuelan crude— are not off the table either, as the U.S. contemplates additional measures to stymie the progress of Nicolas Maduro’s authoritarian regime. The possibility of Venezuelan oil import restrictions has divided White House advisors, and now is pitting Harold Hamm, chairman and CEO of Continental Resources and energy advisor during President Trump’s campaign, against U.S. refiners that import Venezuelan crude to process at their refineries. Hamm favors the approach of cutting off Venezuelan oil exports to the U.S., as well as stopping U.S. light sweet crude exports to Venezuela, which uses that type of crude […]

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