PVM Oil Associates’ Stephen Brennock said in a note this week. The note followed reports about Washington getting more serious about imposing an oil embargo on the South American nation. But is this really the end for the troubled PDVSA and the country as a whole? This is not the first time such warnings are being made. Venezuela sends much of its oil to refineries on the Gulf Coast. But these shipments have been falling steadily since last year, reaching just 439,000 bpd in the week to February 23, versus 654,000 bpd a year earlier. The reasons for the decline are both lower production and worsening quality of the oil, both caused by lack of cash for field maintenance and the treatment of the oil. The general opinion among industry analysts in the West seems to be that if the White House finally goes ahead with broad sanctions against […]