Sanctions On Venezuela Could Push Oil Into The Mid-$50s

1 Aug 2017   Venezuela

In response to Venezuela’s controversial vote on Sunday, a move which could dramatically increase the power of President Nicolas Maduro and grant his government the ability to re-write the constitution, the United States is seriously considering placing sanctions on the Venezuelan oil industry, according to officials within the Trump Administration. The Venezuelan president won the vote , with 8 million voting in the special election according to government sources, though third-parties estimate that fewer than 4 million Venezuelans participated. For months violence and instability has rocked the country, which was hit hard by falling oil prices in 2015 and 2016. The vote granting Maduro’s government greater powers is expected to generate more dissent and opposition from groups within the country’s capital, and may do little to allay the shortages of food, medicine and other items plaguing the country. The vote, which was roundly condemned by the international community before […]

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